India witnessing ‘V-shaped’ economic recovery since June: FinMin Report

wayne


India has been witnessing a ‘V-shaped’ recovery since June with the gradual easing of restrictions on economic activities, said a report.


“The sustained improvement in high frequency indicators ignite optimism of an improved performance in second half of the year,” it said.



The Monthly for December by the Department of Economic Affairs (DEA) also noted that the impending vaccination is set to spur the momentum in economic activity globally.


“The effective management of Covid-19 spread despite the festive season and onset of winter season, combined with sustained improvement in high frequency indicators and V-shaped recovery along with easing of lockdown restrictions distinguish Indian economy as one riding against the Covid-wave,” it said.


The agricultural sector remains the bright spot of Indian economy, with healthy year-on-year growth of 2.9 per cent in rabi sowing, accelerating tractor sales, and reservoirs’ live storage at 122 per cent of decadal average.


As per the DEA report, rise in minimum support prices accompanied by record procurement, and accelerated wage employment generation through MGNREGS, bodes well for rural incomes and bears testimony to PMGKY’s success in alleviating rural distress.


“This rise in rural incomes is mirrored in the healthy, though moderated, sales in passenger vehicles, two and three wheelers and tractor, and a rebound in vehicle registrations for the first time after March 2020,” it added.


Further, the industrial production growth ran parallel to the festive fervour of October and rose to an eight-month high, led by manufacturing and electricity sector. The core industries registered slight decline in November driven by natural gas and cement, while coal production, electricity and fertilizers’ production registered growth.


–IANS


rrb/sn


 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Next Post

Pompeo Hints At Returning 'Evil' Cuba To Terror List

US Secretary of State Mike Pompeo has hinted that he wants to redesignate “evil” Cuba as a state sponsor of terrorism, a late-term move that would pile pressure on the communist island. In an interview released Tuesday, Pompeo confirmed that the State Department was looking at taking the major step […]

Subscribe Now