Deloitte expects Indian economy to grow at 10% in 2021-22, CMIE
The Indian economy is expected to rebound to a double-digit growth at 10 per cent in 2021-22, Deloitte stated in a report titled ‘Voice of Asia’.
The report highlighted that economic activity is showing signs of traction. Stronger car sales, rising production of finished steel and diesel consumption, and higher goods and services tax (GST) revenue collections indicate that the economy has bounced back strongly since the unlock, backed by pent-up and festive season demand.
According to the report, three drivers, inclusive job growth, a robust services sector rebound, and a sustained recovery in private demand, will ensure a sustained economic revival and rehabilitation. However, Deloitte cautioned that sustaining this rebound could be a challenge if Covid-19 cases remain high.
PHD Chamber projects growth trajectory in FY 2021-22 at 7.7 per cent and said, “The continuous improvement in the key economic and business indicators signals that the worst is behind us and expectations of positive GDP growth at 0.1 per cent to 2 per cent in Q3 and 2 per cent to 4 per cent in Q4 FY 2020-21 are becoming strong with a higher growth trajectory in FY 2021-22 at 7.7 per cent, according to PHDCCI EBM Index (Economic and Business Momentum Index).”
