INSUBCONTINENT EXCLUSIVE:
Chief economic adviser K V Subramanian said lessons learnt from past will help tackle Omicron effect
As economy grew by 8.4 per cent during the July-September quarter of the current financial year, coming at the back
of 20.1 per cent growth seen in the April-June quarter of 2021-22, chief economic adviser K V Subramanian while exclusively speaking to
TheIndianSubcontinent has expressed hope that owing to prudent fiscal management and the fact that vaccination has proceeded in an excellent
manner, India will be able to record healthy growth in future too
India witnessing positive growth in four consecutive quarters, even during the once in a century pandemic, is quite notable
As we have seen growth in the third and fourth quarters (of 2020-21), from the second quarter onwards (of the current fiscal), we should
start seeing GDP at pre-pandemic levels, Mr Subramanian said.On being asked about the possible impact of the new Coronavirus variant Omicron
on the economy, the chief economic adviser said that evidence was still evolving on how virulent it would be, compared to the Delta variant
the second wave will come in handy and vaccination has proceeded quite well, so average immunity will be there
Subramanian said that both supply as well as demand sides have been managed prudently
Looking at the Rs 1.31 lakh crore GST collections, it is evident that since GST is a consumption-based tax and consumption comes from
demand, even analysts have conceded that India has prudently managed economy.Speaking about key sectors being monitored by the government,
the chief economic adviser said that the manufacturing sector, after slightly dipping during the pandemic, has come back to normal levels
The services sector, he said had witnessed double-digit growth in two quarters and in future, depending on how vaccination proceeds and how
Omicron impacts economy, it will continue to recover
Production in services and consumption in manufacturing will help GDP grow in future quarters, he said.On cryptocurrency, Mr Subramanian
said that there is a need to make a distinction between benefits which come from blockchain for the real economy and cryptocurrency, which
uses the blockchain technology
chief economic adviser said, adding that it should be noted that cryptocurrency as a currency versus cryptocurrency as an asset, needs to be
