New Delhi, Dec 30 :
Niti Aayog plans to focus in the new year on steps required to push economic growth, promote e-mobility and ensure expeditious implementation of the Modi government’s reform measures, its vice chairman Rajiv Kumar has said. “India will grow at around 7.8 per cent in the next calendar year and investment cycle that has already started picking up will gather further strength and we will see more private investments,” Kumar told PTI in interview. India grew at 6.7 per cent in the last fiscal year ended March 2018.
“I also hope that liquidity crunch which has been effecting non banking financial company (NBFC) sector would also be addressed and the credit allocation capacity of banks under the Prompt Corrective Action (PCA) would be enhanced… All of that will contribute to strengthening the investment cycle,” Kumar said.
He said various key reforms undertaken by the Modi government has laid foundation stone for high growth and the low inflation and the time is now to focus on their implementation. “I am certain that some more policy reforms may be announced in the sectors such as e-mobility or in reducing import-dependency in energy sector and development of the North East region,” the Niti Aayog vice chairman said. “The first time you are getting 7.5 per cent growth, with hardly any inflation. That makes it a very strong macro fundamental. That is the basis for achieving 9 per cent growth by 2022-23,” he stressed. In 2018, the government think tank was criticised over the issue of revision of economic growth rates, which showed that growth during the previous Congress-led UPA’s regime was less than what was estimated earlier.
