Severely hit by the coronavirus pandemic, the Indian economy is gradually recovering, according to the International Monetary Fund (IMF), which recently said the country’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped the gross domestic product (GDP) clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand.
“India has indeed been severely affected by the pandemic but is gradually recovering,” IMF chief spokesperson Gerry Rice said.
Fiscal, monetary and financial sector measures announced to date provided much-needed support to the economy, including businesses, agriculture, and vulnerable households, Rice said in response to a question on the IMF’s assessment of India’s economy during the coronavirus pandemic.
“To further support growth, we believe the Indian authorities should prioritize swift implementation of the existing support programs and may need to consider expanding their scope, as warranted,” he was quoted as saying by a news agency.
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