The International Monetary Fund (IMF) said on Thursday that India’s economy badly hit by the Corona virus is slowly returning to track. India’s economy improved better than expected in the September quarter. The decline in GDP (GDP) was only 7.5 percent due to better performance by the manufacturing sector. Also, it is expected to improve further due to better consumer demand.
Earlier, the economy had declined by 23.9 percent in the first quarter of April-June of the current financial year. IMF Chief Spokesperson Gerry Rice told reporters, “Actually India was badly affected by the pandemic but is slowly recovering from the crisis.”
In response to a question related to the assessment of India’s economy during the Kovid-19 epidemic, he said that the measures taken for the fiscal, monetary and financial sector helped the economy including companies, agriculture and deprived families.
Rice said, “In order to further support the increase, we are confident that the Indian authorities will implement the existing support measures smoothly and will also look at expanding the scope if needed.”
Earlier, while addressing the IMF Ministerial Committee International Monetary and Financial Committee (IMFC) through video conference, Union Finance Minister Nirmala Sitharaman had said that many important figures (PMI, electricity consumption, freight etc.) have intensified in the economy. Speed (in V shape) shows improvement.
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