‘India’s growth story intact despite Covid-19’: Govt

The authorities stated on Tuesday that India’s development story is undamaged regardless of the coronavirus illness (Covid-19) pandemic. The announcement was made by Department of Economic Affairs (DEA), which comes beneath the finance ministry.

“India continues to see uptick in economy for past few months since the unlock. We are expecting further improvement in economy in months to come,” DEA Secretary Tarun Bajaj stated, as reported by information company PTI.

He additionally stated that elevated meals costs is a brief phenomenon. “We have taken measures to cool down prices,” stated Bajaj.

He additionally stated that finance minister Nirmala Sitharaman will announce subsequent set of stimulus quickly. The finance ministry is request and feedback from trade on bundle, added Bajaj.

Finance secretary Ajay Bhushan Pandey had on Sunday hinted that the federal government is engaged on one other stimulus bundle however kept away from giving a timeframe.

“We keep monitoring the situation on the ground to assess which sector of the economy or segment of the population needs what kind of help at which time and respond accordingly. We keep taking suggestions from industry bodies, trade associations, various ministries and after going through their suggestions and requirements of the economy, we come out with timely measures,” Pandey informed information company ANI.

The Reserve Bank of India (RBI) had final month stated that the economic system is prone to contract by 9.5 per cent within the present fiscal. GDP contracted 23.9 per cent within the first quarter of the fiscal, as per the estimates of the Central Statistics Office (CSO).

Finance minister Nirmala Sitharaman had unveiled a recent demand stimulus bundle final month, providing incentives to customers to spend extra forward of the festive season in an try and stir the economic system out of stupor.