Lok Sabha Speaker Om Birla on Saturday said India's economy was witnessing rapid revival after the slowdown due to the coronavirus outbreak and lockdown.
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand.
India will see a sharp V-shaped recovery in the third and fourth quarter of the current fiscal, but FY21 GDP growth would ultimately be in negative territory as the coronavirus lockdown led to serious demand and supply dislocations, 15th Finance Commission Chairman N K Singh said on Monday.
Mortgage lender HDFC on Saturday said it has acquired 6.43 per cent stake in debt-trapped Reliance Capital by invoking pledged shares.
India emerged as the world's fifth largest economy by overtaking the UK and France in 2019, says a report. A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.
The International Monetary Fund (IMF) has said that India's high growth rate in recent years did not lead to a matching increase in formal sector jobs and labour market participation has declined. The IMF's report on its annual consultations with India released in Washington on Monday said that while India has lifted millions out of poverty as one of the world's fastest-growing economies, "recent labour market data suggests that unemployment is high while labour force participation has decreased, particularly for females."
"Our outlook on India's GDP growth is still solid against that of peers, even though growth has decelerated significantly over the past few quarters," the ratings agency said
On the apprehensions of industrialists, who are afraid of raids by Central agencies like the Central Bureau of Investigation, Enforcement Directorate and Income Tax department, she refered to Bajaj Group chairman Rahul Bajaj speaking out about the government's alleged intolerance of criticism.
"Every step being taken is in the interest of the country... looking at the economy with discerning view, you see that the growth may have come down, but its not a recession yet or it won't be recession ever," finance minister Nirmala Sitharaman said.
She said it has come at a time when questions are being asked about the nature of the slowdown, which is affecting the global economy and bogging it down and indeed questioning if India is actually in a slowdown.
The former finance minister, who is in jail for alleged corruption in the INX Media case, also said in a tweet that the magazine is read by the Fortune 500 companies that will invest in India
The new definition is likely to be effected through an amendment to the MSME Act and may lead to further improvement in India's ease of doing business scenario.
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