Finance Minister Nirmala Sitharaman recently said that there were several signs that the Indian economy is not in trouble and with the measures taken by the Government, the economy is moving forward.
Can You See the Silver Lining?
Finance Minister Nirmala Sitharaman recently opined that there were several signs the economy is not in trouble and with the measures taken by the Government, the economy is moving forward.
In a reply to a debate on the Union Budget in the Lok Sabha, Sitharaman cited net positive foreign portfolio investment, national infrastructure pipeline, growth in Index of Industrial Production, Purchasing Managers’ Index, forex reserves, gross GST revenue collection during last three months and secondary markets as “green shoots” to back her argument. [Indian Express]
Has India Arrived?
India has been classified as a developed economy, the United States Trade Representative has said. This is expected to stop all chances of India reclaiming its benefits under the Generalised System of Preferences (GSP) scheme, the privileges under which were revoked in June.
The GSP is America’s oldest preferential trade scheme, which offers developing countries tariff-free access to the US market. It considers a country’s per capital gross national income (GNI) and share of world trade to designate its level of economic development. [BS]
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