Finance Minister Nirmala Sitharaman on Tuesday stated there have been seen indicators of revival within the economic system however the GDP growth might be in negative zone or near zero within the present fiscal.
This is primarily due to an enormous 23.9% contraction within the economic system within the first quarter of present fiscal (April-June), she added.
Speaking on the India Energy Forum of CERAWeek, she stated there was a “very agency lockdown” imposed starting March 25 as the federal government put lives earlier than livelihood. The lockdown additionally gave time to do preparatory work to cope with the pandemic.
But with unlock, macroeconomic indicators have reveals indicators of revival, she stated.
Festive season will additional spur the economic system, rekindling hopes of constructive growth in third and fourth quarters.
Overall, the GDP growth present fiscal (April 2020 to March 2021) will be in negative zone or near zero, she stated, including the growth will revive from the subsequent fiscal.
The focus for the federal government is on public spending to spice up financial exercise, Sitharaman added.