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After being hit by pandemic, Indian economy now recovering gradually: IMF

India's economy, which was severely affected by the coronavirus pandemic, is gradually recovering, the International Monetary Fund said on Thursday

Topics
Indian Economy | IMF

Press Trust of India  |  Washington 

growth, profit, loss, currency, debt, reforms, investment, recovery, revival, revenue, share, value, stock, economy, returns, investment, gdp

India's economy, severely affected by the pandemic, is gradually recovering, the International Monetary Fund said on Thursday.

India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand.

"India has indeed been severely affected by the pandemic but is gradually recovering," chief spokesperson Gerry Rice told reporters.

Fiscal, monetary, and financial sector measures announced to date provided much-needed support to the economy, including businesses, agriculture, and vulnerable households, Rice said in response to a question on the IMF's assessment of India's economy during the pandemic.

"To further support growth, we believe the Indian authorities should prioritize swift implementation of the existing support programs and may need to consider expanding their scope, as warranted," Rice said.

In her address to the International Monetary and Financial Committee (IMFC), the ministerial-level committee of the IMF, through video conference, Union Finance Minister Nirmala Sitharaman had said that a V-shaped pattern of recovery is being seen in several high-level indicators.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, December 03 2020. 22:27 IST