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Several macro indicators seeing V-shaped recovery: FM
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SME Times News Bureau | 16 Oct, 2020
Finance Minister Nirmala Sitharaman on Thursday said that several
economic indicators in India are witnessing a 'V-shaped' recovery.
In
her address at the Plenary Meeting of the International Monetary and
Financial Committee (IMFC), the ministerial-level committee of the
International Monetary Fund (IMF), through video-conference, Sitharaman
outlined the measures undertaken by the Indian government under the
'Aatmanirbhar Bharat' package to foster a quick and more robust economic
recovery in India.
A Finance Ministry statement noted that that
she mentioned that the 'V-shaped' pattern of recovery is being seen in
several high-frequency indicators including manufacturing PMI that
reached the highest level in last eight years in the month of September
2020, presenting a strong recovery prospect for the manufacturing
sector.
To stimulate consumer spending, measures worth $10 billion have been announced recently, Sitharaman added.
The
discussions at the meeting were based on IMF Managing Director's Global
Policy Agenda titled "Catalysing a Resilient Recovery". The members of
the IMFC updated the committee on the actions and measures taken by
member countries to combat Covid-19 and its adverse impacts.
The
Finance Minister also complimented IMF's Managing Director Kristalina
Georgieva and the IMF for providing wise counsel to the economies across
the globe and felt that IMF's assertion that a premature withdrawal of
policy support could trigger liquidity shortfalls and insolvencies is
relevant.
Noting that several low-income and developing countries
are confronted with the challenge to protect and ensure livelihood for
millions slipping below the poverty line, Sitharaman said that recovery
and rehabilitation efforts in these countries must not be allowed to be
undermined in any manner.
The IMFC meets twice a year, once
during the Fund-Bank Spring Meetings in April, and again during the
Annual Meetings in October.
The committee discusses matters of
common concern affecting the global economy and advises the IMF on the
direction of its work. This year, due to the Covid-19 outbreak, both the
Spring and the Annual meetings took place through video-conference.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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64.50 |
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75.65 |
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As on 13 Aug, 2022 |
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