Union Finance Minister Nirmala Sitharaman expected the Indian economy to continue its first quarter growth rate of 13.5% for the rest of the year as it was on a strong wicket, which was endorsed by multi-lateral agencies like the International Monetary Fund.
Several economies far developed or comparable to India were on the verge of slipping into recession but India was not like them. “Some may argue that Quarter One results were on low base but the low base argument was also put forth during the pandemic from which India emerged to record a robust growth,” she told a media conference here on Saturday.
Quoting a report of Bloomber, Ms. Sitharaman said that the probability of India getting into recession mode was zero while it was 85% for Sri Lanka, 33% for New Zealand, 25% for South Korea and Japan, 20% for China, Hong Kong, Australia, Taiwan and Pakistan, 13% for Malaysia, 10% for Vietnam and Thailand, 8% for Philippines and 3% for Indonesia.
