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 adult population by 2021-end, given the current pace of vaccination, 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,” 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.
Agriculture continued to strengthen rural demand on the back of estimated increase in kharif production, record-high procurement of wheat and paddy in the rabi marketing season and ongoing kharif marketing season, respectively, it said. A satisfactory monsoon promises similar benefits in the future as well, the Ministry added.
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 pointed out.