Union Finance Minister Arun Jaitley on Friday said that the provisional results of the fourth quarter have indicated that the Indian economy is in 'recovery mode', adding that the figures show good promise for the 'Make in India' initiative.
"The provisional results of the fourth quarter make it absolutely clear that the Indian economy is in a recovery mode, because the services sector has significantly improved; it is doing well. What seems to be a silver lining is the manufacturing sector is now growing. Now this, coupled with the revenue figures of 2015, hold out a hope for a growth in the manufacturing sector. This may be some indication, if not conclusive, for the future," Jaitley told the media.
"It holds a good promise for the 'Made in India' programme and these indications reflect that the Indian economy has a potential to realise its own strength," he added.
Jaitley further stated that while services and manufacturing have indicated improvement, agriculture and exports have pegged back the figures for the fourth quarter.
"These two sectors also indicate that the way the improvement has taken place over the last year, there is a huge scope with all the steps that the government has taken and will take in the course of the year, our potential to grow into a higher league is certainly there," he said.
"There has been holding back of the figures predominantly on two counts: one is agriculture, because we had a bad monsoon last year and therefore this also reinforces that we must put large part of the future investment into irrigation. The second adverse impact is exports, which is directly attributable to the global situation and the slowdown that prevails in most parts of the world, coupled with the downside in the oil prices," the minister added.
