Chief economic adviser K V Subramanian has said economy will see double digit growthAs economic growth during the September quarter of the current fiscal stood at 8.4 per cent, chief economic adviser K V Subramanian on Tuesday said that the country will record double-digit growth in 2021-22.The double-digit growth will be boosted by growing demand and a robust banking sector, he added.Mr Subramanian also said that the seminal second generation reforms would help the country grow over 7 per cent during this decade.Ministry of finance also said in a series of tweets that economy is likely to have double digit growth in 2021-22.✅ India likely to have double digit growth in FY21-22✅ India’s policy focused on both Supply & demand to ensure inflation under control. In contrast, post GFC, runaway inflation manifested because of the policy focused only on demand (1/6) pic.twitter.com/Flg7Ml7PXU— Ministry of Finance (@FinMinIndia) November 30, 2021On fiscal deficit, the chief economic adviser said that the budget estimate is likely to be met.Government estimates fiscal deficit at 6.8 per cent of the gross domestic product (GDP) for the current financial year ending on March 31, 2022.Meanwhile the fiscal deficit for April-October period of 2021 was at 36 per cent of budget estimates for 2021-22, according to official data released earlier during the day. Mr Subramanian’s comments have come at a time when S&P Global Ratings has retained growth forecast for India at 9.5 per cent for the current fiscal.Also while the September quarter growth stood at 8.4 per cent, it was much lower than the 20.1 per cent growth witnessed in the June quarter of 2021-22.
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