The Ministry said that India is on a rapid recovery path with clearly disseminated growth impulses across all sectors of the economy.
The Finance Ministry in its report on the economy said India’s economic recovery, which is currently around 90% of pre-pandemic levels, was further accelerated by a second wave in September, buoyed by faster vaccination and increased mobility. September.
The expected increase in Kharif production, record-high procurement of wheat and paddy in the Rabi marketing season and the ongoing Kharif marketing season continues to strengthen rural demand in the agriculture sector.
The ministry said that satisfactory monsoon promises similar benefits in future also.
Citing growth in industrial output and moderation in inflation, the ministry said India is well-placed on the path of rapid recovery and with growth impulses clearly transmitted across all sectors of the economy. “Sustained and strong growth in agriculture, a sharp return to manufacturing and industry, resumption of services activity and stupendous revenues indicate that the economy is making good progress,” it said.
Bank credit growth rose to 6.7% in the fortnight ended September 10, from 5.3% a year ago, the ministry said with the pace of growth in the economy.
“Sectorally, credit offtake by agriculture and allied activities, and micro, small and medium industries continued to perform well in August. The rise in personal loans augurs well for an improvement in consumption spending in the festive months,” it emphasized.
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