India's economy is on an "upswing" and the government's plans for increased spending comes in the backdrop of pro-growth reforms, former Niti Aayog Vice-Chairman Arvind Panagariya said today(2nd March 2021) even as he opined that it might take longer to become a USD 5 trillion economy due to the coronavirus pandemic-induced disruptions.
Panagariya, who is currently a Professor of Economics at the Columbia University, said the country's GDP growth in October-December 2020 quarter returned to a hair's breadth above its level a year ago.
"At 0.4 percent, the year-on-year growth in GDP may seem low but given the large negative growth during the preceding two quarters ((-)24.4 percent during April-June and (-)7.3 percent during July-Sept), the quarter-on-quarter growth momentum is very strong," he said.
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