The government has implemented a large number of structural reforms that have laid the foundation for a rate of growth higher during 2020s than the average 6.5 per cent that the country achieved during 1990-2020, Niti Aayog Vice-Chairman Rajiv Kumar said on Friday.
Earlier this month, the International Monetary Fund (IMF) projected an impressive 12.5 per cent growth rate for the country in 2021. The Economic Survey 2020-21 projected a growth rate of 11 per cent for the ongoing financial year, while RBI retained its growth forecast at 10.5 per cent.
"Participating in the discussion on Global Economic Prospects prepared by the World Bank. The presentation by the Vice-President Ayahan Kose was insightful but somewhat pessimistic forecasting a lower growth in the 2020s compared to previous decade," he said in a tweet.
He added that India cannot afford lower GDP growth going forward.
"Therefore, the government has implemented a large number of deep structural reforms which have laid the foundation for a rate of growth higher during 2020s than 6.5 per cent which we achieved during 1990-2020," he added.
As per the RBI estimates, economic growth is expected to be 26.2 per cent in the first quarter, 8.3 per cent in second quarter, 5.4 per cent in third quarter and 6.2 per cent in fourth quarter this fiscal.