India’s economy is expected to grow by 10.5 per cent or more in this fiscal as the purchasing managers' index (PMI) for both manufacturing and services have shown a very smart uptick last month, according to Niti Aayog vice chairman Rajiv Kumar, who recently told a virtual conference of the Public Affairs Forum of India (PAFI) that modernisation of the retail sector is on the cards.

"We need to double our share of global trade... and for that we might need better market access," he was quoted as saying by a news agency.

The country's economy grew by a record 20.1 per cent 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.

The Reserve Bank of India has lowered the growth projection for the current financial year to 9.5 per cent from 10.5 per cent estimated earlier while the International Monetary Fund has projected a growth of 9.5 per cent in 2021 and 8.5 per cent in the next year.

Fibre2Fashion News Desk (DS)

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