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New Delhi, July 21, 2020
Further steps might be initiated by the Centre to sustain the economic revival process as high frequency indicators have shown visible economic "green shoots", Finance Minister Nirmala Sitharaman said on Tuesday.
Speaking at the USIBC India Ideas Summit webinar, she cited rising power consumption, toll collection, bank transactions and improvements in PMI as indicators of "green shoots" in the economy.
Besides, Sitharaman said that agriculture is driving the revival of the rural economy.
The Centre is monitoring the situation closely, she said.
The Finance Minister, however, said that despite these "green shoots", all "options are open" and intervention can happen even in the future, looking at "how the industry responds".
Elaborating on the government's stimulus measures, she said that it gave 10 per cent of GDP, which made a lot of difference for the companies which wanted to come out of the lockdown and the effects of the lockdown.
Furthermore, she pointed out that several structural reforms were announced during the the pandemic.
Major reforms decisions stuck for decades, including opening up of agriculture, were taken, she noted.
The Finance Minister also said that "Labour Codes" are being completely changed and will require Parliament's approval.