(Milcah Anila, Intern Journalist) New Delhi: Union Finance Minister Nirmala Sitharaman has said that despite the signs of a recovery in the economy, the gross domestic product (GDP) growth rate is likely to be minus or almost zero in the current financial year.
She attributed this to a 23.9 percent decline in the first quarter (April-June). The Minister was addressing the India Energy Forum organized by Seravik. Sitharaman said the lockdown had been Strictly enforced since March 25, with the highest priority given to the lives of the people over livelihoods, and that the lockdown period had been instrumental in preparing for the fight against the corona epidemic. She explained that there were signs of a gradual recovery in macroeconomic conditions since the lockdown.
The festive season is in full swing
Sitharaman said the economy could be further boosted with the festive season to boost hopes for positive growth in the third and fourth quarters. ‘Demand for consumer durables, farm equipment, tractors, vehicles, etc. is increasing.
With the start of the festive season domestically, we expect the demand to not only increase but also sustain, ”she said. However, she acknowledged that their numbers were not enough to defeat GDP growth in the current fiscal year.
Dhima said India could regain its position as the fastest-growing country. The minister said the government was mainly focused on taking steps to boost economic activity. Creating business-friendly conditions, She said India was attracting foreign investment with policies such as lower tax rates. Foreign direct investment (FDI) grew by 13 percent between April and August.
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