Pankaj Choudhary, Minister of State for Finance said this in a written reply to a question by S Jagatrakshakan in the Lok Sabha. Jagatrakshakan asked whether it was true that there were still many risks in the way of a sustainable recovery of India ‘s economy . He had also asked what steps were taken by the government in view of the recent setting of new records by wholesale price inflation and the core inflation being very high at this time.
Signs of improvement in the second half
Responding to this, Minister of State for Finance Pankaj Choudhary said that the provisional Gross Domestic Product (GDP) estimates available for the January-March quarter of the financial year 2020-21 will be available in the second half of this year after contraction due to the unprecedented impact of Kovid-19. This confirms the rapid improvement in India’s economic prospects.
He said that India’s real GDP is estimated to be 0.5 percent in the third quarter of the financial year 2020-21 and 1.6 percent in the fourth quarter. Chaudhary said that this pace of economic recovery had normalized since the beginning of the second wave of Kovid-19.
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He said, “Indian economy is showing signs of recovery.” The Minister of State for Finance said that a second wave in May 2021 amid targeted fiscal relief, strong support for capital expenditure, RBI’s monetary policy measures and intensified vaccination campaign. had reached its peak.
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Choudhary said that the Government of India has drawn up a multi-pronged strategy to ensure that the prices of essential commodities like pulses, oilseeds, etc. Steps such as issuing orders for imposition of stock limits on pulses, increasing the number of price monitoring centers, monitoring the speedy clearance of food commodities.
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