Krishnamurthy Subrahmanyam said in a special dialogue that with the effect of these measures, the place of the current economic slowdown will gradually take high investment and consumption.
Indian economy will increase at the current rate by 7 percent. This will have the effect of banking structure, object and service tax (GST), action on fake companies and strong structural reforms like fiscal consensus adopted in the last five years. Chief Economic Advisor (CEA) Krishnamurthy V. Subrahmanyam said on Monday.
Subramaniam said, “We remain firm on our estimates of the seven percent growth rate, the impact of the reforms will start showing.” India will be able to become the fastest growing economy by overtaking China. There is also a substantial probability of a rapid growth rate. “
Asian Development Bank (ADB), Reserve Bank of India (RBI) and International Monetary Fund (IMF) have projected India’s GDP rate of 7.3 percent for 2019-20.
The Indian economy’s growth rate was 6.6 percent in the December quarter, which was the lowest in five quarters. Due to this, the Central Statistical Office of the Government reduced the estimates of 2018-19 last month from 7.2 percent to 7 percent.
The CEA said that the investment will have a significant impact on economic growth and the industry is waiting for the election year and the wait is in the situation. He said that the economy has the ability to grow and consumption goes down by 80 percent, which has led to a decrease in investment. According to Subrahmanyam, there have been several structural improvements in the last five years, whose results will be seen shortly after.