Formal sector to be at pre-Covid levels: Montek Singh Ahluwalia

24 Sep 2021 CW Team

Speaking at a virtual event, Ahluwalia said that he supports the National Monetisation Pipeline (NMP), which will seek to unlock value in infrastructure assets ranging from power to roads and railways.

Despite a devastating second wave of Covid-19 cases, the Indian economy grew by a record 20.1% in the April-June quarter, helped by a very weak base from last year and a sharp rebound in the manufacturing and services sectors.

The Reserve Bank of India (RBI) has cut its growth forecast for the current fiscal year from 10.5% to 9.5%, while the World Bank predicts 8.3% growth for India in 2021.

Nirmala Sitharaman, the Finance Minister, announced a Rs 6 lakh crore National Monetisation Pipeline last month. Since November last year, hundreds of farmers, mostly from Punjab, Haryana, and western Uttar Pradesh, have camped near Delhi's borders, demanding that the centre repeal three contentious farm laws.

The government and farmers' meetings have held 11 rounds of talks, the most recent on January 22. Farmers have been camping at Delhi's border in protest of three laws they say will end state procurement of crops at MSP. On January 26, protesting farmers staged a tractor rally, which resulted in widespread violence.

The three farm bills, which will go into effect in September 2020, are expected to be major reforms in the agriculture sector, removing middlemen and allowing farmers to sell their goods anywhere in the country.

Protesting farmers, on the other hand, have expressed concerns that the new laws will allow for the elimination of the minimum support price safety net and the elimination of the mandi or wholesale market system, leaving them at the mercy of large corporations.

Image Source

Also read: United Nations’ report cites 7.2% growth in Indian economy

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Former deputy chairman of Planning Commission Montek Singh Ahluwalia told the media that the Indian economy has bottomed out and that the formal sector is likely to return to pre-pandemic levels by the end of this year. Speaking at a virtual event, Ahluwalia said that he supports the National Monetisation Pipeline (NMP), which will seek to unlock value in infrastructure assets ranging from power to roads and railways. Despite a devastating second wave of Covid-19 cases, the Indian economy grew by a record 20.1% in the April-June quarter, helped by a very weak base from last year and a sharp rebound in the manufacturing and services sectors. The Reserve Bank of India (RBI) has cut its growth forecast for the current fiscal year from 10.5% to 9.5%, while the World Bank predicts 8.3% growth for India in 2021. Nirmala Sitharaman, the Finance Minister, announced a Rs 6 lakh crore National Monetisation Pipeline last month. Since November last year, hundreds of farmers, mostly from Punjab, Haryana, and western Uttar Pradesh, have camped near Delhi's borders, demanding that the centre repeal three contentious farm laws. The government and farmers' meetings have held 11 rounds of talks, the most recent on January 22. Farmers have been camping at Delhi's border in protest of three laws they say will end state procurement of crops at MSP. On January 26, protesting farmers staged a tractor rally, which resulted in widespread violence. The three farm bills, which will go into effect in September 2020, are expected to be major reforms in the agriculture sector, removing middlemen and allowing farmers to sell their goods anywhere in the country. Protesting farmers, on the other hand, have expressed concerns that the new laws will allow for the elimination of the minimum support price safety net and the elimination of the mandi or wholesale market system, leaving them at the mercy of large corporations. Image SourceAlso read: United Nations’ report cites 7.2% growth in Indian economy

Real Estate

29 Jun 2026

Omaxe to Invest Rs 62 Billion in Hospitality Expansion

Omaxe has announced the launch of a dedicated hospitality business vertical with plans to develop 19 hotels across five states over the next four to five years as part of its strategy to strengthen recurring revenues and expand its integrated development ecosystem.The real estate developer proposes to invest approximately Rs 62 billion, subject to regulatory approvals and market conditions, to develop nearly 5 million sq ft of hospitality assets across high-growth urban centres, pilgrimage destinations and transit corridors.The proposed portfolio will be integrated with Omaxe's existing townsh..

Infrastructure Transport

29 Jun 2026

Third Railway Line Between Tatanagar And Adityapur Likely By September

The third railway line between Tatanagar and Adityapur is expected to be commissioned by September as work on the corridor advances, according to railway sources. The project to add a fourth line on the busy route is progressing and has been allocated Rs 50.89 billion (bn) in funding. The allocation underscores the focus on increasing capacity and easing congestion on the corridor. Relevant timetables are being adjusted to integrate the new capacity into regular operations. Construction activity has involved track laying, formation work and signalling upgrades along strategic stretches, with m..

Infrastructure Transport

29 Jun 2026

Indian Railways Approves Rs 2.7 bn Kavach Rollout in Odisha

Indian Railways has approved a Rs 2.7 billion (Rs 2.7 bn) plan to install the Kavach train collision avoidance system on 631 route kilometres in the East Coast Railway zone. The Ministry of Railways said the work will form part of a wider Kavach deployment programme that relies on an LTE based communication backbone rather than a standalone installation. The approval marks the latest stage in the steady expansion of the indigenous safety technology across the national network. The decision aims to enhance safety and reliability on corridors serving Odisha and adjoining areas. The project will ..