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Topic: Indian Economy
In an interview to Saamana, Sharad Pawar says China is a bigger threat to India than Pakistan, and that China has distanced every neighbouring country from India.
Index of Industrial Production figures for May are an improvement over the 58% contraction in April, the first full month of the nationwide Covid-19 lockdown.
Sanjeev Sanyal said at India Global Week that the government has been careful not to spray money and take a step-by-step approach to economic revival.
At the India Global Week 2020, Modi said India remains one of the most open economies in the world, adding that green-shoots are visible in the economy.
Facing fiscal deficit of 7%, Modi govt can get the Reserve Bank of India to buy sovereign bonds directly or boost dividends to help supplement revenue.
Improved kharif sowing, pick-up in electricity and petrol consumption, and higher freight movement indicate green shoots in the economy, ministry report stated.
About 12 crore jobs were lost due to the lockdown in April, but things are gradually improving. However, only 39 lakh new salaried jobs have been created.
Govt is being sensible in asking for bigger RBI dividend & raising petroleum taxes. But Covid is increasing fiscal stress caused by preceding economic slowdown.
GST collections for the first quarter of this fiscal declined 59% as lockdown imposed to contain spread of Covid-19 pandemic severely impacted economic activity.
Maruti Suzuki Chairman R.C. Bhargava’s Getting Competitive, by HarperCollins, will be released on 5 July on SoftCover, ThePrint’s new e-venue to launch select non-fiction books.