New Delhi, Jan 30: The Economic Survey reaffirms that the worst is behind us and the economy would bounce back with a V-shaped recovery after being hit hard by the COVID-19 pandemic, India Inc said on Friday.
Sharing their views on the Survey 2020-21 tabled in Parliament, the industry also made a case for continuation of support from the government this year for a broad-base recovery and revitalizing economic growth.
CII Director General Chandrajit Banerjee said the survey makes a candid and convincing assessment of the Indian economy based on objective analysis, enriching content and credible policy direction to take the economy forward.
“While striking an optimistic note, the Survey reaffirms that the worst is behind us and the economy would bounce back, to experience a resilient V-shaped recovery after being hard hit by the COVID-19 pandemic. The availability of the vaccine and robust service sector recovery would further buttress the growth momentum,” Banerjee said.
FICCI President Uday Shankar said several key points made in the Survey are in tune with the current requirements of the economy and it hopes to see a reflection of these in the upcoming Union Budget.
“To bring the improving growth trajectory on a firm footing and extend it to many more sectors, continuous support from the government is needed through the year 2021,” Shankar said, and emphasized that this is not the time to be hemmed in by potential impact of an expansionary fiscal policy on sovereign ratings but walk the extra mile to meet the national requirements.
Assocham Secretary General Deepak Sood said the survey has hit the nail right on its head by stating that the Indian economy’s “homecoming” to normalcy is leading to hopes of a robust recovery in services and consumption, emphasizing forcefully that the reforms must continue to realize the full growth potential.
“The Survey, authored by Dr. Krishnamurthy Subramanian, presents an optimistic outlook for the next financial year projecting 11 per cent real GDP growth. That sounds rather conservative and if we continue to do well on containing and finally eliminating the COVID-19 virus, the growth for 2021-22 can even surprise for better,” Sood said. – PTI