Well-known economist Ashima Goyal has regained confidence in the Indian economy and said the economy is poised to recover more quickly from the pandemic recession.
“Despite the severe impact of Covid19, India’s macroeconomic conditions are healthier than before and more suitable for rapid growth. The recovery from the first and second waves is unique to the economy. Its advantages are faster than expected “he said in an interview with PTI. Rajiv Kumar of NITI Aayog also predicts that The well-known economist Ashima Goyal has regained confidence in the Indian economy and said that the economy is ready to recover more quickly from the pandemic recession. The Reserve Bank of India (RBI) has lowered India’s GDP growth forecast for the current fiscal year to 9.5% from the previous estimate of 10.5%, while the World Bank expects the Indian economy to grow by 8.3% in 2021. He pointed out that the government is leading infrastructure investment, and that more durable foreign direct investment accounts for a larger share of recent capital inflows.
In a recent call for India’s large foreign exchange reserves to be used for infrastructure construction or the recapitalization of public sector banks, the economist noted that the country’s foreign exchange reserves are not obtained through exports in place of imports. Goyal believes that the best way to avoid excessive accumulation of reserves is to increase the absorption of foreign capital in productive investment.