India took decisive steps to deal with Covid: IMF

NEW DELHI: India has taken very decisive action to deal with the pandemic and its economic consequences, the IMF chief has said, indicating that the agency’s World Economic Outlook update would show a better picture for the country’s economic performance.
“Well, let me first say that when I called on everybody to stay tuned for January 26, that applies very much to India. You would see a picture in our update that is less bad,” IMF MD Kristalina Georgieva told media.
The IMF will release the update to its World Economic Outlook on January 26. In its previous estimate, the multilateral agency had estimated the GDP to shrink by 10.3% in this fiscal and rebound strongly in FY22.
The economy has been hit hard by the lockdown and the GDP had shrunk by 23.9% in the June quarter.
Since the lifting of the lockdown several economic indicators have shown a sharp recovery and official estimates peg GDP to contract 7.7%, much less than previously estimated.