The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on July 27.  Responding to a question on whether there is any plan to print currency to tide over the crisis, the Finance Minister said, this.

India’s real Gross Domestic Product (GDP) is estimated to have contracted by 7.3 percent during 2020-21, Ms. Sitharaman said in a written reply to Lok Sabha. This contraction reflects the unparalleled effect of the pandemic and the containment measures that were taken to control the pandemic, she said. “The fundamentals of the economy remain strong as gradual scaling back of lockdowns, along with the astute support of Atmanirbhar Bharat Mission has placed the economy firmly on the path of recovery from the second half of FY 2020-21,” she said.

Replying to another question, Sitharaman said, the impact of the second COVID-19 wave is expected to be muted given localised containment measures and rapid upscaling of the vaccination drive. The Union Budget 2021-22, estimates India’s nominal GDP growth at 14.4 percent during the current financial year ending March 2022.

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