Ms Sitharaman further said recent data indicates revival within the economy, with PMI number being the very best since 2012.
Ms Sitharaman said a “very firm lockdown” was imposed beginning Annunciation , with the govt putting lives before livelihood to contain the coronavirus pandemic.
The minister of finance further said indicators show that primary sector, agriculture-related segments and rural India are all doing alright. Exports turned positive to five .3 per cent YoY in September after contracting for 6 months.
The RBI has projected the Indian economy contracting by 9.5 per cent within the current fiscal, while International fund (IMF) and International Bank for Reconstruction and Development estimate the contraction.
India’s quarterly rate of growth has been receding sequentially since Q4 FY18. Ms Sitharaman further said India is constant with its policies to draw in foreign investment in terms of lower taxation and simple doing business.
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