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The International Monetary Fund said ahead of its spring meeting with the World Bank next month that India’s economy is on the mend.
IMF Spokesperson Gerry Rice spoke in a press conference held on Thursday that the Indian economy has got onto the path of a gradual recovery alongside real GDP growth and has come back to positive territory speaking of the fourth quarter of 2020. This marks basically the first time ever that there has been observed a steady growth in the Indian economy since the beginning of the pandemic supported by an increase in gross, fixed capital formation.
He further added that high frequency indicators such as PMIs trade and mobility mark a continued improvement as of the first quarter of 2021. But the recently found covid-19 variants and emerging lockdown fears with subsequent lockdowns can impact these observations.
On April 6, the IMF will issue its World Economic Outlook.