Saturday, December 2, 2023

India overtook China in merchandize exports in 2015-2019

K Subramanian

India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies, surpassing China. Chief Economic Adviser (CEA) K V Subramanian on Tuesday said India’s economy overall growth for the first half is positioned at 13.7% with a little over 6% growth in subsequent quarters and over 7% thereafter. 

CEA also highlighted that India had already surpassed China in terms of cumulative growth between 2015-19 when it comes to manufacturing gross value, merchandise exports and manufactured goods exports. 

“India is likely to have a double-digit growth this year. Overall growth for the first half has been 13.7%. So, even a little more than 6% growth in the subsequent quarters should be able to deliver double-digit growth for this year; India’s expected to grow 6.5-7% in 2022,” said the CEA.

The Economic Survey 2020-21, released in January this year, had a projected GDP growth of 11 percent during the current financial year ending March 2022.

The Survey had said growth will be supported by a supply-side push from reforms and easing of regulations, infrastructural investments, boost to manufacturing sector through the Production-Linked Incentive (PLI) schemes, recovery of pent-up demand, increase in discretionary consumption subsequent to the rollout of vaccines and pick up in credit.

Responding to a query on concerns over a possible third Covid wave, Kumar said the government is much better prepared in case such a situation comes up.

“”Formal sector has emerged well from COVID crisis; informal sector, even though it’s been impacted, the nature of its production means that it’ll be less impacted. The financial sector has emerged stronger and the manufacturing sector shows that India in this decade should grow,” the CEA added.

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