Finance Minister Nirmala Sitharaman on Tuesday said there were visible signs of revival in the economy but India's GDP growth this year will be negative or near zero.
This is primarily because of a huge 23.9 per cent contraction in the economy in the first quarter of current fiscal (April-June), she added.
Speaking at the India Energy Forum of CERA Week, she said there was a "very firm lockdown" imposed beginning March 25 as the government put lives before livelihood. The lockdown also gave time to do preparatory work to deal with the pandemic.
But with unlock, macroeconomic indicators have shows signs of revival, she said.
Festive season will further spur the economy, rekindling hopes of positive growth in third and fourth quarters.
The focus for the government is on public spending to boost economic activity, Sitharaman added. Festival season has commenced in India, as a result of which I expect the demand to go up and therefore, be sustainable also.