‘The economy battered by the second wave is showing signs of improvement’ – Review report of the Ministry of Finance, know what else said
coronavirus The Indian economy was still recovering from the first wave that the second wave gave it a big blow. The setback was not as severe as in the first wave as states resorted to partial lockdowns or some restrictions, but some sectors did come under severe pressure. Where the common man and country’s economy The impact of the two waves was felt quite heavy. And now amidst the worry of the third wave, a report of the Finance Ministry has said that after facing the second wave, the economy is now showing signs of recovery.
The Finance Ministry has published the Monthly Economic Review Report for June 2021 on Friday.
Its important points are as follows:
Due to the second wave, the economic recovery in some sectors is seen uneven. Port traffic, air traffic, PMI manufacturing and services are showing very slow improvement.
– The latest estimates of industrial production show that the eight core industries of the country may see a gradual growth in a phased manner. May 2021 has shown year on year growth of 16.8 per cent, which is down 8 per cent from May 2019.
Good monsoon, increasing sowing of Kharif and increasing process of unlock in the states are expected to provide relief in food supply and inflation. However, risks remain due to a demand-oriented recovery under commodity prices and cost pressures in inputs.
Indian economy is showing signs of recovery due to targeted fiscal relief, relief measures taken under monetary policy and rapid vaccination drive.
The report said that a safeguard against the third wave can be created by further expansion of vaccination and strict adherence to the necessary rules to prevent the spread of Kovid-19.