A report released by the Finance Ministry on Monday declared that green shoots of economic recovery are emerging in India and they will further grow and will help the economy recover. The report added that the shoots have emerged on the back of some conducive policies.
According to the World Economic Outlook report (June 2020) of International Monetary Fund(IMF), India’s growth has been forecasted at (-) 4.5 percent in the year 2020 which is a downward revision of 6.4 percentage points when compared with the April 2020 forecast.
IMF in its latest report has downgraded the global growth to (-) 4.9 percent taking into effect the problems caused by the coronavirus pandemic and its effect on the economies around the world, which is 1.9 percent lower than its April forecast for the year.
With the help of electricity and fuel consumption the early green shoots of recovery have emerged says the Macroeconomic Report for June released by the Economic Affairs department.
The report further says, the government and RBI had predicted early in March the effects this pandemic will have on the economy and was able to make conducive plans to counter the problem.
India’s economic growth fell to 4.2 percent in the early quarter of 2019-20 on account of lower growth in January- March quarter mainly due to the spread of the virus in the world and the lockdown measures which followed.