The government has just begun its own assessment of India’s growth prospects for this year, which will be shared over time, Finance Minister Nirmala Sitharaman said on Monday night.
The Minister also confirmed that the new government policy on public sector undertakings, which will inform strategic sectors where at least one public unit needs to work, is being finalised and will soon be placed in place for approval by the Union Cabinet.
“We waited for the commencement of the second half of the year, which has just started. We have got a lot of inputs that are fairly different from what we had got in July, as ideally it should be,”Nirmala sitaraman , finance minister.
Assessment by RBI and IMF:
Following forecasts from the RBI and the International Monetary Fund that expect the Gross Domestic Product ( GDP) to contract by 9.5 percent and 10.4 percent in 2020-21, she referred to a question as to whether India will come up with its own official estimates as part of a mid-year study.
RBI Governor Shaktikanta Das claimed in a statement after the Monetary Policy Committee meeting that the Indian economy is entering a decisive phase in the battle against coronavirus.
After this assessment by RBI , Das also said that the downturn in economic growth seen in the fiscal quarter of April-June is “behind us” and silver linings are evident, highlighting, among others, the upswing in the manufacturing sector and energy consumption.