FM: Economic system set to bounce again

Tribune News Service

New Delhi, October 27

Finance Minister Nirmala Sitharaman on Tuesday said there were visible signs of revival in the economy though GDP growth this fiscal may be in negative zone or near zero, primarily because of the massive 24% contraction in the first quarter.

Justifying the “very firm lockdown” that led to the crash in GDP, Sitharaman said the government put lives before livelihood. The lockdown also gave space for the government to prepare for tackling the pandemic.

But with the graded unlock, several economic indicators have shown signs of revival and the festive season should further spur the economy, she said while speaking at the India Energy Forum of CERAWeek inaugurated by PM Narendra Modi on Monday.

The focus for the government is on public spending to boost economic activity, especially to boost infrastructure, food processing and agriculture exports.

Incentivisation for the energy sector will take place in the form of energy conservation and environmental consciousness, she said. The government is also investing in strategic reserves in India and abroad both, she added.

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