Asserting the strongest growth rate, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 48.1 in June to 55.3 in July.
Georgieva said the steps taken by the Modi government on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets, she added.
India’s economy contracted by 23.9%. For comparison, Brazil’s GDP contracted by 11.9% and Russia’s GDP by 8%. So, did they really do better than India?