India's economy to grow at 6% in 2023-24, says former Niti Aayog Vice-Chairman Rajiv Kumar

Ex-Vice-Chairman of Niti Aayog Rajiv Kumar says major risks going forward will emerge from a synchronized downturn in the North American and European economies

India is likely to clock 6% growth rate next fiscal and the country can persevere with a high growth rate because of several reforms undertaken during the last eight years by the Narendra Modi Government, former Niti Aayog Vice-Chairman Rajiv Kumar said on February 19.

Mr. Kumar further said major risks going forward will emerge from a synchronized downturn in the North American and European economies.

“India has a good opportunity to persevere with a high growth rate because of the reforms undertaken during the last eight years. We will manage to grow at 6% in 2023-24,” he told PTI in an interview.

According to Mr. Kumar, there are several downside risks, especially in the context of an uncertain global situation.

“These will have to be tackled through careful policy measures designed to support our export efforts and at the same time improve the flow of private investment both from domestic sources as well as from foreign sources,” he said.

The Reserve Bank has projected India’s economic growth at 6.4% for 2023-24, broadly in line with the estimate of the Economic Survey tabled in Parliament.

Gross Domestic Product (GDP) growth is estimated at 7% in 2022-23, according to the first advance estimate of the National Statistical Office (NSO).