Finance Minister Nirmala Sitharaman on Thursday in her address to the Plenary Meeting of the International Monetary and Financial Committee (IMFC) said that the V-shaped pattern of recovery is being seen in several high-frequency indicators, presenting a strong recovery prospect for a quick and more robust economic recovery in India amid COVID-19.
In her address to the Ministerial-level committee of the International Monetary Fund (IMF) through video-conference, Sitharaman said that several low-income and developing countries are confronted with the challenge to protect and ensure livelihood for millions slipping below the poverty line. She mentioned that recovery and rehabilitation efforts in these countries must not be allowed to be undermined in any manner.
Sitharaman briefly outlined the measures under the AtmaNirbhar Bharat Package to foster a quick and more robust economic recovery in India. She mentioned that the V-shaped pattern of recovery is being seen in several high-frequency indicators including, manufacturing PMI that reached the highest level in last eight years in the month of September 2020, presenting a strong recovery prospect for the manufacturing sector. To stimulate consumer spending, measures worth $10 billion have been announced recently.
The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda titled “Catalyzing a Resilient Recovery”. The members of the IMFC updated the committee on the actions and measures taken by member countries to combat COVID-19 and its adverse impacts.