Due to Covid 19 pandemic, the Indian economy has declined by a massive 23.9 percent in the first quarter.
RBI Governor Shaktikanta Das, last week announced that the central bank expects the Indian economy to contract 7.7 percent in FY 21. This was an improvement on its previous assessment of 9.5 percent contraction. The RBI chief has expected that the second half of the fiscal year expected to show positive growth.
Interestingly when the Indian economy at its worst, the foreign investors pumped 39 billion dollars in India, and the Indian stock market hit its record high. The centre also aims to raise around 2.1 lakh crore from 1.2 lakh crore from the sales of state-owned companies and 90,000 crores from stake sale in banks via disinvestment in this fiscal year.