Ghar wapasi — a phrase used to describe the economic boom expected for the year — has been observed by a panel of experts appointed by Prime Minister Narendra Modi, The Times of India reported.
The report by a committee headed by former Reserve Bank of India (RBI) Governor Anil Seth said it was not just about the growth prospects of the domestic economy but also the potential for the economy to add 5.5 per cent to gross domestic product (GDP) by 2019-20.
Gharwapasi is a phrase that refers to the Indian economy’s rapid economic expansion that began with demonetisation in November 2016 and continued until September 2017.
This included the implementation of several policy measures, including demonetization, GST implementation and demonetised currency notes.
It was observed that, as per the new guidelines, the economy will be able to generate gross value added (GVA) of 5.2 per cent of GDP by 2019, according to the committee.GVA is the total value of all goods and services produced by the economy.
This includes goods and labour as well as capital goods and labor.
The GVA is expected to be 4.6 per cent in 2019-2020 and 5.8 per cent by 2020-21.