Niti Ayog Vice Chairman Arvind Panagariya on Friday, said that India’s economy is expected to grow at 7.5% in the fiscal ending in March 2018. Speaking at a press conference, he said that the economy will witness a “good” turnaround as early as the next (April-June) quarter itself.
He further said that the growth rate will accelerate to above 8 per cent in 2019.
Panagariya re-imposed faith in the country’s economy after the GDP growth slowed down to 7.1 per cent year-on-year in 2016-17. The GDP growth in the January-March quarter came down to 6.1%, with which India lost the tag of the fastest growing economy. Analysts quoted demonetisation as the main reason behind the slump although Finance Minister Arun Jaitley denied these claims in a press conference on Thursday.
Briefing on the bid to privatise state-run Air India, the Niti Ayog top brass said that the process is going to be “very, very difficult”, given the huge amount of debts the air carrier has amassed over the years. This statement comes after Civil Aviation Minister Ashok Gajapathi Raju had said that finding a “bakra” for disinvesting Air India may not be easy.
(With inputs from Reuters)