India’s Growth To Be Negative Or Near Zero This Year

Finance Minister Nirmala Sitharaman on Tuesday said India’s Gross Domestic Product (GDP) growth for the current fiscal 2020-21 will be in negative or near zero, owing to the coronavirus pandemic impact.

She, however, said the recovery is being witnessed in all sectors post lifting of full lockdown due to pandemic.

The Finance Minister was speaking at the 4th Annual India Energy Forum by CERAWeek today.

“India’s growth this year will be negative or near zero,” Sitharaman said and added that recovery signals have been seen in the primary sector. “Rural sector is doing well and auto sales have seen good growth.”

She further said, “Festival season has commenced in India, as a result of which I expect the demand to go up and therefore, be sustainable also.”

“Foreign Direct Investment (FDI) inflow have seen 13 per cent growth in COVID-19 affected April-August 2020 compared to April-August 2019,” she informed.

Speaking about the country’s energy requirements, Sitharaman said, “efficient gasification will drive the Indian economy” and that the country is looking at effective usage of biofuels.

“India is ready to partner with private players for nuclear energy,” she further added.

Earlier yesterday, Prime Minister Narendra Modi had made the inaugural address at the CERAWeek forum. (ANI)

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