Signs of revival in economy, growth in current year may be negative: Nirmala Sitharaman - Times of India

NEW DELHI: Finance minister Nirmala Sitharaman on Tuesday said that India’s gross domestic product (GDP) might be in negative zone or near zero in the current fiscal in wake of the ongoing Coronavirus pandemic.
Speaking at the India Energy Forum of CERAWeek, the finance minister said that with unlock, the Indian economy has started showing signs of revival and by next year it will be one of the fastest growing economies of the world.
“India’s economic revival will be steady and sustainable. Festive season will further spur the economy, rekindling hopes of growth in third and fourth quarters,” she noted.
Defending the Centre’s move to impose nationwide lockdown to curb the spread of the coronavirus, Sitharaman noted that the government put lives before livelihood. The lockdown also gave time to do preparatory work to deal with the pandemic, she added.
Referring to the Nikkei Manufacturing Purchasing Manager’s Index, Nirmala Sitharaman said economic activity had picked up in the country after the easing of pandemic restrictions and helped by various government measures.
“Unlocking is happening steadily after the GDP contraction seen in Q1. We can witness revival particularly in PMI which shows highest spurt since 2012,” she noted.
India’s factory activity expanded at its fastest pace in over eight years in September, a survey compiled by IHS Markit showed.