Prime Minister Narendra Modi (File Pic)
The US Finance Ministry has said in a report submitted to Parliament that despite facing three waves of Kovid-19, the Indian economy has made a strong comeback.
America (America) In a report submitted to Parliament on Friday, the Ministry of Finance said that COVID-19 (Covid-19) Indian economy despite facing three waves of (Indian Economy) Has made a strong comeback. The Finance Ministry has said in its half-yearly report that the second wave of the epidemic in India has led to economic growth by mid-2021. (Economic Growth) But had a lot of impact, due to which there was a delay in returning the economy on track. Praising India’s COVID vaccination efforts, the ministry said that economic activity made a strong comeback in the second half of 2021 and India’s immunization program has picked up.
The US Treasury Ministry said that by the end of 2021, about 44 percent of India’s population had been vaccinated. The ministry said that India’s growth rate in 2020 was seven percent. In the second quarter of 2021, the growth rate reached pre-pandemic levels and in 2021 the full year growth rate was eight percent. At the beginning of the year 2022, India also had to face the third wave of Kovid-19 due to the Omicron form of the corona virus. But during this time the number of dead and the economic decline remained limited.
Government’s financial aid helped: report
The ministry said that in view of the pandemic in 2021, the Indian government continued to provide financial assistance to the economy to protect it from its ill effects. Officials estimate the total fiscal deficit to reach 6.9 per cent of gross domestic product (GDP) in FY22, which is higher than the pre-pandemic fiscal deficit.
According to the ministry, the Reserve Bank of India retained its key policy rates at 4 per cent from May 2020, but in January 2021, it gradually started implementing the extraordinary measures designed for growth in the early stages of the Kovid-19 epidemic. did.
At the same time, the inflation data in America for the month of May has come out. According to data released by the US Department of Labor, in the month of May, the Consumer Price Index, or retail inflation, reached a 4-decade high. The CPI stood at 8.6 per cent year-on-year in May. It has registered an increase of one percent on a monthly basis. Retail inflation stood at 8.3 per cent in the month of April.
(with language input)
Source: www.tv9hindi.com
: Language Inputs