RBI predicts solid probability of Indian economy getting back to positive development in Q3: Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday said that the RBI has anticipated a solid probability of the Indian economy getting back to positive development in Q3:2020-21.

“RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast,” Sitharaman said at a press conference. “There has been very good progress on ‘One Nation-One Ration Card’ in 28 states and Union territories covering 68.6 crore beneficiaries. On Interstate Portability, 28 states and UTs have been brought under the national portability of ration cards with effect from September 1, 2020. Now covers 68.6 crore beneficiaries who now have an option to lift their food grains from any FPS of choice in any of these 28 states and UTs,” the Finance Minister said.

“Labour Ministry, with the Finance Ministry and other concerned ministries, are working together closely with the States, and the work has commenced on creating a portal for migrant workers,” she added.

“Rs 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD. Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crores has been distributed to farmers,” she said. The Finance Minister said, “Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC.”

While Minister of State (MoS) Anurag Thakur said, “Markets are on a record-high and India’s foreign exchange reserves are at $560 bn. India has made a strong comeback economically. RBI has said that India will do better in Q4.”