Strong Recovery Emerging, Says Nirmala Sitharaman

Nirmala Sitharaman on Economic Recovery: RBI’s forex reserves have reached $ 560 billion

The economy is undergoing a strong recovery due to unrelenting and systematic reforms undertaken by the government, the finance minister Nirmala Sitharaman said. “All economic indicators are revealing that recovery is clearly happening,” the Finance Minister asserted, while addressing a press conference to announce additional stimulus measures to boost growth

Detailing the strong economic revival, Ms Sitharaman highlighting that output is at the highest level in the last 9 years. The composite purchasing managers index (PMI) rose to 58.9 per cent in October versus 54.6 per cent in the previous month, registering the strongest increase in output in close to nine years. Energy consumption growth trended higher in October at 12 per cent year-on-year,

Moreover, bank credit growth has improved compared to last year, RBI’s forex reserves have reached $ 560 billion and GST collections were at Rs 1.05 lakh crore in October, up 10 per cent on a year-on-year basis.

She also noted that Moody’s has reassessed India’s economic outlook and revision to GDP forecast. Moody’s has revised India GDP projection to -8.9 per cent for FY2020-21 from the earlier -9.6 per cent. And the Reserve Bank of India has also predicted that the economy would grow in the third quarter.

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The government had rolled out the first stimulus package, called Atmanirbhar Bharat in May, to support the economy against the damage caused by the coronavirus pandemic-related nationwide lockdown.

That package had included monetary and fiscal support worth Rs 21 lakh crore, which the government said was equivalent to 10 per cent of the country’s gross domestic product (GDP).

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Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

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