The Indian economy is expected to increase by 10.5 percent or more this fiscal year: Niti Aayog

According to Niti Aayog vice chairman Rajiv Kumar, who previously told a virtual conference of the Public Affairs Forum of India (PAFI) that advancement of the retail industry is on the cards, India's market is projected to grow by 10.5 percent or more this fiscal, as the purchasing managers' index (PMI) for both manufacturing and services showed a very smart uptick last month. "We need to quadruple our share of global commerce... and for that, we may need access to the markets," he said, according to a news agency. Despite the disastrous second COVID wave, the country's economy increased by a record 20.1 percent in the April-June quarter, aided by a relatively low base from the previous year and a fast recovery in the manufacturing and services sectors. The Reserve Bank of India has reduced its growth target for the current financial year to 9.5 percent from 10.5 percent previously, while the International Monetary Fund predicts 9.5 percent annual growth in 2021 and 8.5 percent the following year.