03 December, 2020

A Five-Course Revival Package

Confident of recovery soon, the FM charges ahead with reforms

A Five-Course Revival Package

COME September, the blues will lift and the economy will get on to a revival phase. So says finance minister Yashwant Sinha. True to his words, the government is going ahead with the second phase of economic reforms in top gear. Already, economic peripherals have started showing signs of a recovery. With the monsoons being better than expected and indications of the business cycle turning up, Sinha’s predictions may well come true by the end of the year.

According to the government’s own estimates, most of the sectors are showing promise. Growth in industrial production in the first quarter of 1998-99 has risen to 5.4 per cent compared to 3.7 per cent in 1997-98, agricultural production has been extremely good, thanks to a good monsoon, and is all set not only to cross its targets but also to set up a comfortable buffer, and direct tax collections have grown 41.1 per cent in April-June 1998 with corporate receipts increasing by over 120 per cent.

The government asserts that there was never a recession in the...



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