Finance Minister Nirmala Sitharaman on Tuesday said that green shoots were visible in the economy and the stimulus package provided by the government has made a big difference to companies coping up with effects of lockdown enforced to contain the spread of COVID-19.
Addressing the India Ideas Summit organised by the US-India Business Council through video conferencing, she said that Finance Ministry and Reserve Bank of India (RBI) were working together and 3.9 per cent of GDP has been infused as liquidity in the Indian economy.
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"Indicators show green shoots in the economy. Power consumption has gone up, businesses have got more traction. The stimulus has made a big difference for companies coping with the effects of the lockdown," she said.
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The minister said agriculture and infrastructure were among the sectors included in the stimulus package.
"Rabi crop was very good, have good estimates of Kharif crops, power consumption has gone up, tractor sales have gone up. The agriculture sector is driving the revival in the economy. We announced a stimulus package covering areas like agriculture and infrastructure. In each of these activities, we ensured we were giving them an infusion of cash," the minister said.
She said the government took an approach that banks should leave loan decisions to customers and it gave a 100 per cent guarantee of working capital.
"We worked to provide capital to MSMEs without impacting the banks. MSMEs have been helped with a different type of packages. Most NBFCs have revived their businesses to support broad access to loans, she said.
She said even in the challenge of pandemic, the government has introduced major structural reforms in agriculture and other sectors.
Ms Sitharaman said that the great emphasis has been placed on financial inclusion under Prime Minister Narendra Modi.
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