India expects ‘V’ shape economic recovery from next year: Fin Min

Speaking at a virtual conference organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), finance ministry official said the government was expecting a "V" shape economic recovery beginning next fiscal year.

A top finance ministry official said that India is working on offering production linked incentives for up to five sectors to boost domestic manufacturing , bolstering efforts to attract new investments in the coronavirus-stricken economy.

The government has announced a raft of measures including direct food subsidy to nearly 810 million people and credit guarantees of Rs 3 trillion ($40.17 billion) on loans to small businesses.

Tarun Bajaj, economic affairs secretary said that incentives would be offered to sectors to push manufacturing and help struggling industries. Incentives have also been announced for pharmaceutical companies for production of bulk drugs and on medical devices.