The worst time of India's economy has passed: Chief Economic Adviser

New Delhi, dated 2 September 2020, Wednesday

India's GDP has seen the biggest decline in the last 40 years.

India's GDP fell sharply by 23.9 per cent in the April-June quarter. However, K. Subramaniam, India's chief economic adviser, says the worst times for India's economy have passed. The month of August has seen signs of recovery in a number of sectors. Trade is booming. This is an indication that the country's economy is moving towards a pre-colonial state. The economy is improving. The worst time of India's economy has passed. I am saying this on the basis of statistics. This is not an empty opinion.

"The August 2020 figures are the same as last year's August figures," Subramaniam said. Business is booming in a number of sectors. Production of oil, gas, refinery products, fertilizers, steel, cement and electricity has increased. The decline was a record 38 per cent in April. Production in the sector was down 23.4 per cent in May. Which has now come down to 12.9 per cent in July.

"We are going through a phase that only happens once every 150 years," he said. The virus has caused such a bad state of the economy. Now though we are coming out of it.