Structural reforms needed under Atmanirbhar Bharat

India has fared well in controlling Covid-19. In fact, India has played a pioneer role in the manufacturing of vaccine for over 3 lakh health workers and then supplying the same to the neighbouring countries.

Under this scenario, the government will focus on health facility, education, creating more opportunities for employment and push to the domestic manufacturing and substantial government expenditure on infrastructure, like opening up of mining, Defence, nuclear sector, farm bills and labour code reforms. Taking health facilities to rural and urban areas and creating an ecosystem for further substantial growth.

To that extent, the financial sector will also have reforms like the establishment of bad banks, creating a holding company for investment in banks and setting up of development finance institution and strategic sale and disinvestment of some of PSBs and PSUs.

This will give a roadmap to India to give the highest growth in the community of nations.

With this background, India will have a robust recovery and it is expected that our GDP growth, as per IMF's projection, will be at around 11 per cent in FY22.

The GDP contraction is likely to be in the range of 6-7 per cent in the current fiscal. India has to take a lot of structural changes and drastic reforms under Atmanirbhar Bharat program.

The Economic survey will provide a lot of opportunities for creating a large infrastructure and manufacturing hub in the country.

(The author is Strategic Advisor, Enqube Collaborations & former CMD, Indian Overseas Bank)