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PMI, FDI, stocks markets indicate 'strong recovery': FM
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SME Times News Bureau | 14 Nov, 2020
Finance Minister Nirmala Sitharaman on Thursday said the Indian economy was witnessing a strong recovery.
Addressing
the media here, Sitharaman cited several data, including the growth in
Composite Purchase Managers Index (PMI), GST collections, FDI inflow and
the stock markets' recent surge to record highs to show a strong
revival of the Indian economy.
She also said that bank credit has
grown by 5.1 per cent on a year-on-year basis. FDI inflows in
April-August stood at $35.37 billion, 13 per cent higher on a
year-on-year basis.
The minister noted that prominent economists
have suggested that the rebound has not come only due to pent-up demand
but also because of "strong economic growth".
She added that
Moody's also has scaled up India's GDP growth estimate for the FY22 to
8.6 per cent now from 8.1 per cent earlier.
The RBI in its latest
monthly bulletin said that India has technically entered into a
recession with a likely contraction in its GDP during the July-September
period.
RBI's Economic Activity Index estimates that India's GDP
growth for the second quarter of the current financial year was
negative and the GDP contracted by 8.6 per cent during the quarter.
The
Central bank, however, noted that growth is likely in the third quarter
of the current quarter, which was also cited by the Finance Minister to
show a revival of the Indian economy.
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