India expects a ‘V-Shaped’ economic recovery after the vaccination drive
Kathmandu, January 29. India’s Union Finance Minister Nirmala Sitharaman on Friday presented “The Economic Survey 2020-21” in front of the Lok Sabha.
The presentation included current situations of the different sectors of the economy as well as of suggestions to expand the economic growth in the upcoming fiscal year that will begin on April 1.
The survey forecasted a strong recovery of 11 percent in India’s Gross Domestic Product(GDP) which had shrunk to 7.7 percent in the current financial year that ended on March 31. Minister Nirmala said that India is likely to experience a “V-shaped” economic recovery after the vaccination drive.
Earlier on January 7, the Indian Ministry of Statistics and Programme Implementation had released a report that claimed that India will see a decrease of 7.7% in its real GDP in the current fiscal year.
Earlier in October, the International Monetary Fund had projected India’s GDP to decrease by 10.3%.
With over 10.7 million COVID-19 cases, India has become the second-highest COVID infected country in the world. This has prevented the government from fully reopening the economy due to which the economy had contracted 23.9 % in the first quarter and 7.5% in the second quarter.
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