On Wednesday, Union Minister Prakash Javadekar said the government will be unveiling its "plan of action" to boost the Indian economy at the Union Budget 2020-21 presentation on 1 February while asserting that the economic fundamentals remain strong.
At a Cabinet briefing, in response to a question on the recent downward projection of India's growth by the International Monetary Fund (IMF), the Information and Broadcasting Minister said that the economy is on the path of "revival" and nobody should have a pessimistic view about it.
On Monday, IMF revised the country's 2019 economic growth estimate to 4.8 percent from 6.1 percent (previously projected in October), citing sharper-than-expected slowdowns.
IMF's World Economic Outlook (WEO) Update revised India's 2020 growth forecast to 5.8 percent, down by 0.9 percent from the previous estimate. For 2021, the estimate is 6.5 percent.
It also marginally lowered global growth forecast for 2020 and 2019 by 0.1 percent each to 3.3 percent and 2.9 percent, respectively.
Growth will improve slightly to 3.4 percent in 2021, but that estimate, too, was cut by 0.2 percentage point from October.