Finance Commission Chairman N K Singh said the current economic slowdown is anecdotal and episodic and he hopes that sluggishness will not last long.
India’s economic growth has hit a six-year low of 5 percent in the first quarter of the current fiscal.
“I do not regard that the current economic sluggishness is something that the country is going to experience for too long. I remain optimistic that the current slowdown is as much as anecdotal, episodic as much as cyclical and structural,” he said at an event here.
Singh, however, emphasized that India should keep initiating both structural and cyclical reforms.
On Regional Comprehensive Economic Partnership (RCEP), he said global economic structure is dynamic and changing, but India is not at a disadvantage.
He said that it is intrinsic that India was better off in a polygonal world than in a bilateral world. He further said that the country should continue to level-up multilateral activity, but should also keep its own interests into account.
Earlier this month, India decided not to be a part of the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi’s concerns.