Even as the economy sees a slowdown, the government expects just another quarter of muted GDP number before growth starts picking up again, said the NITI Aayog CEO, Mr. Amitabh Kant said. The Modi government is receptive and taking all reform efforts to kick start growth which is expected to bottom out in the coming 3-4 months.
India must focus more on increasing exports in the sectors of electronics and textiles. It should also capitalise on the opportunity presented by the US-China trade war, he noted. India has vast resources and skill set to make the best out of the opportunity.
It comes a day after Principal Economic Advisor for Ministry of Finance, Mr. Sanjeev Sanyal, said that the ongoing slowdown is a unique issue in Indian history and driven by genuine weakness in demand. India needs to grow at a real rate of 8 per cent on a sustained basis to achieve the exporting nation status. India must also start looking itself as an exporting nation.
At a separate event, Mr. Kant had said that the structural reforms in agriculture and exports are needed to achieve high rate of growth yet again. Despite the slowdown, the fundamentals of the economy are intact which will help the government take back the economy to a higher growth trajectory.
The economy had recently recorded a GDP growth at a six-year low of 5 percent in the June quarter, largely on account of weakness in the manufacturing sector, he pointed out.