Top Finance Officials Predicts A Healthy Economy Soon

By: Sneha Chaudhary

• In End of June India’s GDP Plunged By A Record 23.9% In The First Quarter
• Data of Worst Performance Was Reported In 1996
• Automobile Sector Rises And Ready To Sell Its First-Year On Year Growth In Six Quarters In August.

Rajnish Kumar said they are providing healthy traction for housing loans, and segments like agriculture and personal loans are doing much better than in June. At the end of June, India’s GDP plunged by a record of 23.9% in the First Quarter. Data of worst performance was first reported at the beginning of 1996. Economies, industrial production, and core sector data for the first four months of the financial year were equally hit with some economists penciling in a 10% plus fall in GDP for the whole year.

Meanwhile, India’s some of the top companies’ business chiefs exuded confidence about the strength of the ongoing demand recovery in critical sectors. They added that the worst is over for the beleaguered economy. Green shoots are visible in macro-economic numbers and high-frequency indicators. Rural growth is not only outpacing urban growth but is also leading the recovery.

“Over the last month, the more I ask the CEOs from different organizations, there’s more chance of getting convinced that there’s a scope for improvement in macro-economic situation (Health Economy) “. Axis Bank’s MD Amitabh Chaudhry told ET”As the festive season is about to reach the market, I anticipate an ‘L’ formed recovery in which growth will be slow and steady, but definite.”

Rajnish Kumar (Chairman of State Bank of India) said “strong growth in the loans could increase in festive season”. “The economy seems to be improving. indicators from corporates, the RBI and the government seem to be pointing that as more data comes in, the picture will become clearer”.  He added few segments in development in the Healthy economy that “August 2020 is going to be better than last year August”.

Growth Development In Rural Economy

The pace of decline in industrial production has slowed, and the pick-up in rural India has become more pronounced.