October 16, 2020
1 min read

Several indicators show ‘V shaped’ recovery: Sitharaman to IMF

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.

Also Read: Indian e-com to garner $6.5bn in festive sales: Report

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.

Also Read: IMF Foresees Steep Fall And Rise For India’s GDP

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.

Also Read: India Set To Be A Top Investment Choice: Survey

Previous Story

Trump, Biden hold showdown in separate town halls

Next Story

Juyal Doesn’t Want To Change Dancer Image

Latest from Economy

Gates to Give 99% Away 

Spread out over time, this will enable the foundation to invest an additional $200 billion (£150.8 billion) in its core focus areas, primarily global health and U.S. education, over the next two

Interest Rates Cut

Interest rates have been cut to 4.25% from 4.5% and the governor of the Bank England has hinted more could follow in the coming months UK interest rates have been cut to

India Eyes Top 5 Spot in Global Entertainment

With focused investments, policy support, and infrastructural upgrades, India is on track to position itself as one of the top five live entertainment destinations globally by 2030…reports Asian Lite News Fueled by

Pakistan on the Brink: War, Weakness, Woes

The reason behind growing anxiety and consternation in Islamabad is the depleting reserves of its military’s artillery and ammunition and also a ruined economy…reports Asian Lite News As the tensions between India
Go toTop