New Delhi: India is ready for a faster recovery in the next three quarters of 2021-22, with the government and “commitment” “RBI” to place the economy back to its track, the Ministry of Finance report said on Thursday.
“A broad-based rebound in several leading macroeconomic indicators in July and August offers bright prospects for sustainable Indian economic recovery,” said the monthly economic review for August prepared by the economic division of the Department of Economic Affairs.
The economy held a sharp rebound in the April-June quarter, grew by 20.1%, assisted by low basic effects and recovery in several major sectors such as manufacturing and construction.
It is said that vaccination coverage is increasing rapidly and a richer experience with pandemic management provides confidence that recovery can be continued even in terms of the third wave.
The report said that the agricultural sector continued to offer comfortable prospects, with Kharif Sow AT101% from the normal level on September 3, although 9% cheating monsoon so far.
It is said that the procurement of high rice and the increase in sales of augur tractors is good to strengthen rural demand in the coming months.
The industry continues to obtain lost land, with IIP June witnessing broad-based growth, after recovering close to 95% of the pre-pandemic level in June 2019.