Friday, May 27, 2022

Economy to reach pre-Covid-levels by end of FY2022

By PTI

Published: Published Date - 12:45 AM, Mon - 7 December 20

Economy recovered in September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5%. The Reserve Bank of India (RBI) has also revised its forecast of economic growth for the current fiscal year (2020-21) to (-)7.5 per cent as against its earlier forecast of (-)9.5 per cent

New Delhi: India’s economic growth is likely to reach pre-Covid-19 levels by the end of the 2021-22 fiscal as the GDP contraction in this financial year is expected to be less than 8 per cent, Niti Aayog vice chairman Rajiv Kumar said on Sunday.

The Reserve Bank of India (RBI) has also revised its forecast of economic growth for the current fiscal year (2020-21) to (-)7.5 per cent as against its earlier forecast of (-)9.5 per cent. “We should reach pre-Covid-19 levels at the end of fiscal year 2021-22 for sure,” Kumar told PTI when asked about growth projection for the next financial year. He added that the GDP contraction this fiscal is expected at less than 8 per cent.

India’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. Replying to a question on asset monetisation, he said this is ongoing work and it has received attention at the highest level.

“We will continue to pursue this and make sure that the targets of asset monetisation are reached,” Kumar stressed. The government is looking to raise Rs 2.10 lakh crore through disinvestment in the current fiscal. This includes Rs 1.20 lakh crore from Central Public Sector Enterprise (CPSE) stake sale and Rs 90,000 crore from sale of government stake in financial institutions.

Talking about banking reforms, he said the sector needs further expansion and an increase in competition because India’s private debt to GDP ratio remains limit to mid 50s. Stating that in case of other emerging economy, private debt to GDP ratio is well beyond 100 per cent, Kumar said that “so we need to increase private debt and this will happen when our banking sector will expand”.

Economy to reach pre-Covid-levels by end of FY2022: Niti Aayog

New Delhi: Government think tank Niti Aayog has pitched for setting up a single self-regulatory organisation for the online fantasy sports industry to be governed by the independent oversight board and also suggested restricting online fantasy games to users of 18 years and above. In a draft report titled ‘Guiding Principles for the Uniform National-Level Regulation of Online Fantasy Sports Platforms in India’, the Aayog said that there is a public interest in the fantasy sports industry receiving government recognition as an industry and having its own identity. A single self-regulatory organisation for the fantasy sports industry should be recognised by the government, it added.

“Such self-regulatory body should be a single-purpose fantasy sports industry body and have membership of online fantasy sports platforms (OFSPs) operators,” the report said. Noting that while OFSPs operate through online media on a pan-India basis, the report said that their regulation proceeds varied under State-wise regulatory regimes.

The Aayog said, “This means that fantasy sports users’ interests of transparency, OFSP operator integrity, and fairness may vary from State-to-State, resulting in an inconsistent experience and the risk of forum/jurisdiction shopping. This may even deprive sports fans in some States of their right to engage actively on these OFSPs.”

Online Fantasy Sports Platforms (OFSPs) offer fantasy sports contests. Fantasy sports are not like any other form of online gaming as it is dependent on actualities, seasonality and availability of real-time sports matches, which makes it a non-addictive form of play. This sets it distinctly apart from other forms that are perceived to be in the nature of gambling or betting.

“Pay-to-play formats of fantasy sports contests should not be offered by an OFSP operator to users who are less than 18 years old,” the Aayog said, adding that all necessary safeguards to protect minors must be instituted. According to the Niti Aayog draft report, the governance of the self regulatory organisation should be undertaken by an independent oversight board comprising of reputed persons with experience in governance, law and administration, who may be elected or appointed by members of the self-regulatory organisation for fixed terms.

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