India’s Economy Is Growing Faster Than Economists Had Expected: DEA Secretary

The Department of Economic Affairs secretary, Tarun Bajaj said that India’s economy is moving faster than what the economists had anticipated.

Simren Rodrigues

November 4, 2020

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3 min

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The Department of Economic Affairs secretary, Tarun Bajaj said that the Indian economy is moving faster than what was anticipated by economists. He also added that the economic parameters are improving and he has seen an uptick in the economy over the past few months. Take a look at the news video below:

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India’s Economy Is Growing Faster Than Economists Expected

Tarun Bajaj said that the Indian Economy is moving faster than what was anticipated by economists. He further mentioned that the International Monetary Fund report had predicted India’s growth rate to be 8.8% in the next financial year. Tarun said, “Despite the COVID-19 situation, our growth story, which we feel is intact, is also being accepted by others, who are ready to invest in India. We continue to see an uptick in the economy for the past few months since opening up of the economy post lockdown. We are expecting further improvement in November. The economy is moving much faster than anticipated by economists. This is mentioned in the IMF report which says India’s growth should be 8.8% in the next financial year, which is highest for major economies.”

Also Read | Indian economy projected to contract by 10.3 pc in 2020, grow 8.8 pc in 2021: IMF

Tarun Bajaj also explained that there has been a lot of traction and inquiries from investors to invest in India, despite the COVID-19. The trend shows India’s growth story is intact. Big funds will hold one-on-one talks with Prime Minister Narendra Modi in the Global Investor Roundtable for the next two weeks, he said. PM Modi will chair the Virtual Global Investor Roundtable on 5 November 2020. The event is being organised by the Ministry of Finance, Government of India and the Infrastructure fund.

Also Read | Indian economy to contract 9.6 pc in FY21 due to Covid-19: World Bank

According to the Prime Minister’s office, the event will witness the exclusive dialogue between leading global institutional investors, Indian business leaders and highest decision-makers from the government and financial market regulators. The report also suggests that Finance Minister Nirmala Sitharaman, Anurag Thakur and Shaktikanta Das will also be present at the event. Twenty of the world’s largest pension and sovereign wealth funds with total Assets Under Management of about $6 trillion will participate in the event. They represent countries such as US, Europe, Canada, Korea, Japan, Middle East, Australia and Singapore.

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