new Delhi. Finance Minister Nirmala Sitharaman on Tuesday promised to take more policy steps for recovery in the economy. He stressed that the economy is showing signs of recovery and the agriculture sector is accelerating growth. Sitharaman said indicators such as electricity and fuel consumption, movement from one state to another, and movement of goods within states, PMI (Purchasing Manager Index) data and retail financial transactions are witnessing a boom. At the India Ideas Summit, the Finance Minister said that the government announced an incentive package equal to 10 percent of GDP (GDP) which has had an impact on the revival of the economy. He said, "All options are open and more steps will be taken in the future." Sitharaman assured the industry that the government would not hesitate to take further steps to ensure early revival of the economy. He said that the agriculture sector is giving impetus to growth. Tractor sales, equipment sales, food products sectors are gaining momentum. At the same time, the estimates of kharif production are also encouraging. This gives hope of fast recovery in the coming time.
After the Finance Minister, the Economic Affairs Secretary said that the government may extend the production linked incentive announced for electronic production in March to other sectors as well. There is a provision of 4 to 6 percent incentive in this scheme of about Rs 50 thousand crore released by the Electronic Ministry. According to the secretary, the government is identifying other sectors and a decision can be taken soon.
Prime Minister Narendra Modi will address the summit on Wednesday. It is estimated that the Prime Minister can discuss the relations between India and America and the new equations created after the epidemic. The theme of the summit this year is the creation of a better future.
This post was published on July 21, 2020 11:47 pm
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