At a time when the entire world is facing a global pandemic and economic recession has almost taken a toll on every country, the Finance Minister of India, Nirmala Sitaraman claims an economic revival of India.
Her address comes up immediately after a group of renowned economists alike, Michael Patra, deputy governor in charge of monetary policy of the Reserve Bank of India, remarked that India's monetary policy probably shrank for a second quarter in a year, letting the country to delve into another economic recession.
Nirmala Sitaraman has exerted the happening of strong economic development in India and has brought forth several alluring packages that would be sure to stimulate the economy. She also presented the state of the economy stating the fact that the markets of India are at the highest records, and India's foreign reserves have reached the whopping US $560 billion. Besides, the collection of Goods and Service Tax (GST) has also increased by 10 percent to over one crore.
In the data released by the Central Bank, the Gross Domestic product has reduced by 8.6% in the quarter that ended in September. Earlier, the economy had reduced by 24 percentage from April to June. The Government is due to publish and release its data by November 27. The result of whether the country has its economy boosted after the introduction of such schemes, is what the entire nation is waiting to see.