The GDP decline is temporary and India will resume its high growth trajectory supported by a series of reforms and other measures, said Chief Economic Advisor KV Subramanian on Tuesday.
“The GDP fall in Q1 was due to the intensity of the lockdown. This pandemic will go away soon. The combination of Indian’s entrepreneurs’ abilities and various reforms initiated by the government will unleash the growth wave again. We have done it in the past and we will do it again,” he said in a virtual address at CII Connect 2020.
Highlighting a similar low growth phase during 2000-01 on account of the Asian economic crisis, he said India responded with three key moves then — fiscal spending (particularly the infra push of Golden Quadrilateral project), unleashing of reforms and disinvestment.
“The above measures helped the country achieve 8 per cent plus economic growth in the following five years. Similarly,