In the right direction

Union Finance Minister Nirmala Sitharaman’s announcement of a fresh set of measures to support the pandemic-hit Indian economy has come at an important juncture because some of the high-frequency indicators are showing signs of economic recovery, and analysts are revising their forecasts. For instance, according to a Reserve Bank of India study, if the upturn is sustained, the Indian economy can break out of contraction in the third quarter itself — ahead by a quarter compared to the October forecast of the monetary policy committee. Moody’s has also revised its economic contraction forecast for the full year. Apart from festival