Economic ‘Green Shoots’ visible, govt open to taking more steps: FM

New Delhi: Union Finance and Corporate Affairs Minister Nirmala Sitharaman addresses a Post-Budget press conference in New Delhi on Feb 1, 2020. Also seen Union MoS Finance and Corporate Affairs Anurag Thakur, Principal Secretary (Finance) Tuhin Kant Pandey, Expenditure Secretary TV Somanathan, Finance and Banking Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, Revenue Secretary Ajay Bhushan Pandey, Press Information Bureau Director General KS Dhatwalia and Chief Economic Advisor Krishnamurthy Subramanian. (Photo: IANS)

New Delhi, July 21 (IANS) Further steps might be initiated by the Centre to sustain the economic revival process as high frequency indicators have shown visible economic “green shoots”, Finance Minister Nirmala Sitharaman said on Tuesday.

Speaking at the USIBC India Ideas Summit webinar, she cited rising power consumption, toll collection, bank transactions and improvements in PMI index as indicators of “green shoots” in the economy.

Besides, Sitharaman said that agriculture is driving the revival of the rural economy.

The Centre is monitoring the situation closely, she said.

The Finance Minister, however, said that despite these “green shoots”, all “options are open” and intervention can happen even in the future, looking at “how the industry responds”.

Elaborating on the government’s stimulus measures, she said that it gave 10 per cent of GDP, which made a lot of difference for the companies which wanted to come out of the lockdown and the effects of the lockdown.

Furthermore, she pointed out that several structural reforms were announced during the the pandemic.

Major reforms decisions stuck for decades, including opening up of agriculture, were taken, she noted.

The Finance Minister also said that ‘Labour Codes’ are being completely changed and will require the Parliament’s approval.

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