The government said on Tuesday that India’s growth story remains intact despite the coronovirus disease (Kovid-19) epidemic. The announcement was made by the Department of Economic Affairs (DEA), which comes under the Ministry of Finance.
“The economy has continued to fluctuate for the past few months since India unlocked. According to the report of the news agency PTI, we are expecting further improvement in the economy in the coming months.
He also said that elevated food prices are a temporary phenomenon. “We have taken measures to cool down the prices,” Bajaj said.
He also said that Finance Minister Nirmala Sitharaman would soon announce the next set of incentives. The finance ministry is looking into requests and comments from the industry on the package, Bajaj said.
Finance Secretary Ajay Bhushan Pandey had indicated on Sunday that the government was working on another stimulus package, but was avoiding giving deadlines.
He said, ‘We assess what kind of help is needed in which sector of the economy or in which part of the population at what time and according to which answer. Pandey told news agency ANI, “We take timely measures after taking suggestions through industry bodies, trade organizations, various ministries and our suggestions and needs of the economy.”
The Reserve Bank of India (RBI) said last month that the economy is expected to contract up to 9.5 per cent in the current financial year. According to estimates by the Central Statistics Office (CSO), the fiscal first quarter GDP was 23.9 percent.
Finance Minister Nirmala Sitharaman unveiled a new demand stimulus package last month, encouraging consumers to spend more during the festive season in an attempt to drive consumers out of festivals.
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