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Former chief economic adviser (CEA) Arvind Virmani has said the Indian economy may register a growth of 9.5 per cent in this financial year (FY22). He stated that government expenditure and exports have peaked, but so far private consumption has not recovered due to the COVID-19 pandemic.

He mentioned the current financial year's growth will be higher and close to 9.5 per cent. And this decade's (FY21-FY30) average growth will be 7.5 per cent plus minus 0.5 per cent. He said that India's GDP growth is now positive, but job growth is lagging.

Besides, stressing that Micro Small and Medium Enterprises (MSMEs) are critical for inclusive growth, he said that modern MSMEs should have full opportunity to compete with the corporate sector. He noted that COVID-19 pandemic hit economic recovery and pushed for tax reforms. He also said GST council seems focused on short-term revenue maximization. Moreover, he added revenue negative GST simplification needed to provide a consumption stimulus to the economy, and quickly restore lost jobs and wages