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‘Economic Recovery Better Than Estimates; Further Stimulus Not Ruled Out’: Economic Affairs Secretary
Finance Minister Nirmala Sitharaman chairing the GST Council meeting.
Economic affairs secretary Tarun Bajaj has mentioned that India’s economic recovery has been better than the estimations and indications of most economists and experts. He even added that finance minister Nirmala Sitharaman might soon take more steps and measures to increase and boost activity.
“We are seeing improvement in all parameters and we expect further improvement in November. I should also mention that Covid cases are seeing a downtrend, the fatality rate is down, and now they are close to about 5 lakh cases. In case we keep taking precautions during coming winter months and especially during festival season, I think we should be in better times,” the bureaucrat was quoted by the Times of India.
Bajaj took numbers from the latest Purchasing Managers’ Index (PMI), which estimate a 12% increase in power demand and other parameters such as toll collections and food credit, to assert that the Indian economy is recovering gradually. The senior IAS officer believed that the situation of the services sector is improving too whereas the data for the same is being assessed carefully.
Bajaj revealed that additional stimulus might be disclosed soon too. “We are actually discussing that. It is difficult for me to commit a date but we have received a lot of requests and comments from various sectors and we are looking into it. Very soon it will be unveiled. The FM will come out and speak on that,” the seasoned official affirmed.
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