Economy to grow at 6% in 2023-24: NITI Aayog ex-VC

NEW DELHI: India is likely to clock 6 per cent growth rate next fiscal and the country can persevere with a high growth rate due to several reforms undertaken during the last eight years by the Centre, former vice chairman, Niti Aayog, Rajiv Kumar said on Sunday.

Kumar further said major risks going forward will emerge from a synchronised 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 per cent in 2023-24,” he said.

According to 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.

Replying to a question on high inflation, Kumar said the Reserve Bank has said it will ensure that inflation rate is brought under control. “Also a good winter crop will help in keeping the food prices low,” he noted.

The RBI lowered the consumer price inflation (CPI) forecast to 6.5 per cent for the current fiscal from 6.7 per cent.

India’s retail inflation in January was 6.52 per cent.

To a question on the Adani crisis, Kumar said a robust public-private partnership is essential for developing infrastructure at the rate required.

“I don’t think that one such incident with a private family company will hamper that effort.

“... There are a large number of private sector companies who have participated in infrastructure development in the past and will continue to do so going forward,” he observed.