Indian economy looking at ‘V-shaped’ recovery: Anurag Thakur

There are green shoots visible in various sectors of the economy and the country is already looking at a ‘V-shaped’ recovery, Minister of State for Finance and Corporate Affairs Anurag Thakur said on Saturday.

“India is already looking at ‘V-shaped’ recovery. Along with the green shoots in various sectors, in the month of February, FPI inflows were ₹25,787 crore,” Thakur said at a virtual conclave organised by the Institute of Actuaries of India.

After two consecutive quarters of contraction, the country’s gross domestic product (GDP) entered into a positive territory with a growth of 0.4% in the October-December quarter of the current fiscal, according to the data released by the National Statistical Office (NSO) in February.

Mr. Thakur said the country’ foreign exchange reserves, which have been steadily increasing over the last few months, had touched all time high at $590 billion in January 2021.

He said the accretion to the forex reserves in the last eight month was $100 billion.

“These are signs of confidence that the global funds and investors look at India as a destination to invest and they are bullish about India’s growth story,” Mr. Thakur added.