Finance Minister declares strong signs of economic growth visible in the country after RBI Panel claims country has fallen into a “Technical Recession”
A panel of experts from RBI including the Deputy Governor earlier claimed that the country has fallen into a "technical recession". Finance Minister in the press conference announced that the country was showing strong signs of economic growth.
New Delhi, 12/11: A panel of RBI economists, consisting of the RBI’s Deputy Governor, Michael Patra claimed earlier that the country has fallen into a “technical recession” in the first phase of 2020-2021. Michael Patra, RBI’s Deputy Governor, in-charge of monetary policy of the country said that the country’s economy is expected to shrink by 8.6% in the July-September quarter, ahead of the Central Government’s press conference held on Thursday afternoon.
The Finance Minister and her team are holding a Press Conference right now, where she declared that the country is showing strong signs of economic growth and that the country’s economy is slowly healing post-lockdown due to the ongoing pandemic. She cited several sectors where economic recovery is seemingly visible. Higher GST collections, growth in energy consumption, and strong market performance are some of the burning indicators for economic growth. She said that the growth in the economy is on its way and not because of the pent-up demand due to the lockdown and the ongoing pandemic.