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‘Ebbing COVID wave, pace of jabs aiding economic recovery’

Future group firms convene shareholder, creditors meetings to seek approval for RIL deal   | Photo Credit: SHIV KUMAR

India’s economic recovery has spread its wings, the Finance Ministry said on Monday, stating that the ebbing of the second COVID-19 wave and fast-paced vaccination had spurred further momentum in economic activity, with mobility reaching 90% of pre-pandemic levels.

Asserting that India would be able to vaccinate its entire adult population by the end of 2021, given the current pace of vaccinations, the Ministry said this would be a remarkable feat in the global context.

“India’s average daily inoculation rate witnessed a 91% increase from 41.3 lakh in June to 78.7 lakh in September, the highest in the world after China. This shows that not only is India on the trajectory to regain momentum in economic recovery, but also has progressed decisively towards the attainment of herd immunity amongst its populace,” the Ministry pointed out.

Citing an uptick in industrial output and a moderation in inflation, the Ministry said India was well-placed on the path to swift recovery with growth impulses ‘visibly transmitted’ to all sectors of the economy.

“Sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues are suggesting that economy is progressing well,” it noted in its monthly economic review for September.

The agriculture sector continued to strengthen rural demand on the back of estimated increase of kharif production, record-high procurement of wheat and paddy in rabi marketing season and ongoing kharif marketing season, respectively, it pointed out. A satisfactory monsoon promises similar benefits in future as well, the Ministry said.

In tandem with growth impulses across the economy, bank credit growth improved to 6.7% in the fortnight ended September 10, compared with 5.3% a year earlier, it added.

“Sectorally, credit offtake by agriculture and allied activities, and micro, small and medium industries continued to perform well in August. Growth uptick in personal loans augurs well for improved consumption spending in festive months,” the Ministry emphasised.


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Printable version | Nov 27, 2021 2:02:24 PM | https://www.thehindu.com/business/ebbing-covid-wave-pace-of-jabs-aiding-economic-recovery/article36953010.ece

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