Need for an innovative economic system in the post-Covid world: vice-president of NITI Aayog

India’s economy will be among the best economies in the world over the next few years and an innovative economic system is needed in the post-Covid world to stay afloat, NITI Aayog Vice President Rajiv Kumar said.

Addressing a recent webinar to celebrate the Department of Science and Technology (DST) Golden Jubilee, Kumar said India’s economy will be among the best economies in the world over the next few years using science, technology and innovation in all sectors, soon rebounding from the aftermath of Covid-19.

He said the pandemic has changed a lot of things and has also shown new ways of doing things, many of which will stay in the post-Covid world. “We have to have an innovative economic system in the post-Covid world to stay afloat,” he added.

The post-Covid economy has been in recovery mode after the first quarter, Kumar said and hoped it will rebound in the next few quarters from the effects of the Covid-19 disruptions. 30 years and become the third economy by 2047. “Measures and reforms have been taken by the government in all sectors, such as agriculture, modern medicine, traditional medicine, the new educational policy, small and medium-sized enterprises, the labor sector, etc. , to aim to be among the top three economies in the world, ”added NITI Vice-President Aayog.

On Sunday, Kumar told the PTI news agency that India’s economic growth is expected to reach pre-Covid-19 levels by the end of fiscal year 2021-2022, as the contraction of GDP during of this exercise should be less than 8%.

The Reserve Bank of India (RBI) has also revised its economic growth forecast for the current fiscal year (2020-2021) to (-) 7.5 percent from its previous forecast of (-) 9.5 for hundred.