India’s macroeconomic fundamentals are much stronger and the country is poised for robust growth thanks to structural reforms, a surge in government investment and rapid vaccination, Chief Economic Advisor KV Subramanian said on Tuesday.

Informing the media about the growth number, he said GDP data for the first quarter reaffirms the government’s prediction of an imminent V-shaped recovery made last year.

India’s economic growth jumped to 20.1% in the April-June quarter of this fiscal year, helped by a weak base in the previous year period, amid a second wave devastating COVID-19.

Gross domestic product (GDP) had contracted by 24.4% in the corresponding quarter from April to June 2020-21, according to data released Tuesday by the National Statistical Office (NSO).

Regarding inflation, he indicated that it experienced a moderation in July compared to the previous month. “Our expectation is that inflation over the next few months should be in this range, between 5% and 6%, but less than 6%” despite the tightening of world commodity prices, he said.

Also Read: India Posts FY 22 First Quarter GDP Growth 20.1% on Weak Basis, Improved Manufacturing

Read also: Ind-Ra revises GDP growth rate to 9.4% for FY22

Read also: MPC meeting: RBI maintains GDP projection at 9.5% for fiscal 22