Several Indian indicators seeing V-shaped recovery: FM at IMF panel meet

New Delhi, Oct 15 : Finance Minister Nirmala Sitharaman on Thursday said that several economic indicators in India are witnessing a ‘V-shaped’ recovery.
In her address at the Plenary Meeting of the International Monetary and Financial Committee (IMFC), the ministerial-level committee of the International Monetary Fund (IMF), through video-conference, Sitharaman outlined the measures undertaken by the Indian government under the ‘Aatmanirbhar Bharat’ package to foster a quick and more robust economic recovery in India.
A Finance Ministry statement noted that that 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, Sitharaman added.
The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda titled “Catalysing 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.
The Finance Minister also complimented IMF’s Managing Director Kristalina Georgieva and the IMF for providing wise counsel to the economies across the globe and felt that IMF’s assertion that a premature withdrawal of policy support could trigger liquidity shortfalls and insolvencies is relevant.