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Niti Aayog Vice Chairman Rajiv Kumar excuded confidence that Indian economy will grow by 10% or more in the current financial, and 8% plus in the next fiscal year.

Rajiv Kumar further said, people are ready to invest in India as the pandemic situation improves.

Addressing a book launch event, Kumar further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India. "There was a hiccup (in economic growth) for two years due to Covid-19 pandemic.

The IMF has projected a growth of 9.5% in 2021. "According to the IMF, India will be the fastest growing major economy for the next five years. These are underestimations," Kumar said.

The Reserve Bank of India (RBI) has lowered the growth projection for the current financial year to 9.5% from 10.5% estimated earlier while the IMF has projected a growth of 9.5% in 2021 and 8.5% in the next year.

"India will grow at 10% plus in the current fiscal year (2021-22). And going forward, once we are out of the Covid-19 pandemic, we (Indian economy) will grow at 8% plus in FY 2022-23," Kumar said. "Things are changing and people are ready to invest in India," he said.

Rajiv Kumar said the potential rate of growth of India will move up to 8%. Last month, the International Monetary Fund (IMF) had revised India's potential growth forecast downwards to 6% citing the pandemic.

The country's economy grew by a record 20.1% in the April-June quarter, helped by a very weak base of last year and a sharp rebound in the manufacturing and services sectors in spite of the devastating second Covid wave.

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