Fri. Mar 29th, 2024
Arvind panagariya

Arvind Panagariya, Vice Chairman of Niti Aayog, has stated that India economy will see a turnaround in the ongoing quarter. His statement came a day after India’s growth rate dipped down to 6.1%, its lowest in quite a while.

India, being the third largest economy in Asia, has had a long-lasting impact of the decision taken by Narendra Modi, when over 86% of the total available currency was thrown out of circulation. Though the same quarter did not have any significant improvement over the growth rate, it was fairly visible in the latest quarter.

According to Panagariya, the cash-crunch has eased out and slowly the economy will pick up. The improvement in cash availability will eventually improve the health of overall economy. He also predicted that the overall annual growth rate in the ongoing financial year will be 7.5%, whereas, it will touch the mark of 8% in the 2018-19 financial year.

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.