The India economy had contracted by 7.3 per cent in the financial year which ended on 31 March, 2021.
These revisions have come in view of the the lagged recovery after the second COVID surge.
Suggesting the possibility of a strong bounce back, the Reserve Bank of India (RBI) has estimated the economic growth at 9.5 per cent in the present fiscal year.
Further, Kumar has stated that in some sectors like steel, cement and real estate, significant investment in capacity expansion is happening already, PTI reported.
He added, “Full-fledged private investment recovery, we should expect by the third quarter of this fiscal,” he added.
Recently, the government announced an added ₹ 23,123 crore funding, for the purpose of ramping up health infrastructure.
Speaking on government’s plan on disinvestment, Kumar informed that despite the second Covid wave, markets have remained buoyant and touched new highs, PTI reported.
He added, “I think this sentiment will not only continue but will strengthen…