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The government on Tuesday expressed optimism that the uptick in the economy will continue, adding that another round of stimulus will be announced soon.
“We are actually seeing an improvement in all parameters. We are expecting further improvement in November and this should continue. Hopefully, the economy should be back on track; it is moving much faster than what had been anticipated by experts and economists,” said Economic Affairs Secretary Tarun Bajaj, while hinting at the International Monetary Fund’s projection of 8.8 per cent in 2021-22, the highest for major economies.
Bajaj did not givedetails about the next round of stimulus, but indicated that it will be made public soon. “As the Finance Secretary indicated, we have requests and comments from various sectors and the Finance Minister will soon speak to you,” Bajaj said.
Meanwhile, Prime Minister Narendra Modi will share India’s story with the top 20 fund houses, managing over $6 trillion of assets, first in the group on Thursday and individually over the next two weeks. The meeting will be attended by top industrialists Ratan Tata, Mukesh Ambani, Deepak Parkeh, Nandan Nilekani, Dilip Sanghvi and Uday Kotak
Giving details about the conference, Tarun Bajaj also highlighted the improvements in high frequency economic indicators such as Manufacturing PMI (58.9 in October), eWay bill value (16.82 lakh crore) and toll collection (120 per cent daily growth).
Investor Roundtable
Bajaj also listed the global fund houses set for the Thursday meeting: Australian Super, British Columbia Investment Management Corp, Future Fund, Japan Post Bank, Korean Investment Corporation, Ontrario Teachers, PensionDanmark, Qatar Investment Authority, Teachers Retirement Texas, Temasek and US International Development Finance Corporation.
“The whole idea of this conference is to give them information about various investment opportunities in India and the present economic situation. And, on their side, they would be interested in knowing more about India, t investing and doing business in India,” Bajaj said.
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