This decade will be India's decade of inclusive growth-Subramanian

Chief Economic Adviser K V Subramanian has said that this decade will be India's decade of inclusive growth during which it will clock over 7 per cent annual growth on the back of strong economic fundamentals.  Subramanian told an American audience from the corporate sector that "the fundamentals of the economy were strong, even before the pandemic. There were only financial problems."  In FY'23, we expect growth to be between 6.5 to 7 per cent and then accelerating further as the impact of these reforms is seen," he said. He was addressing a virtual event organised by the US-India Strategic Partnership Forum.

During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5 - 7 per cent in the next financial year.Subramanian said from the long-run perspective, India is the only country that for the last 18 to 20 months has done so many structural reforms. India actually in its economic thinking has stood out from the rest of the world, not only in terms of the reforms that have been done but by converting the crisis into an opportunity, he said. Observing that every other large economy that has only done demand side measures, Subramanian said in contrast, India is the only country that has done supply side as well as and demand side measures. The post-COVID-19 economy in India actually will be very different from the pre-COVID-19 economy, he said.