Exports have crossed the $30 billion mark for the sixth consecutive month in the financial year 2021-22.
According to the Finance Ministry’s monthly economic report, strategic reforms and a rapid immunization drive have put the country on the path of rapid recovery by enabling the economy to “recover from the devastating waves” of the COVID-19 pandemic. The September review said that sustained and strong growth in agriculture, a sharp return to manufacturing and industry, a resumption of service activity and impressive revenues suggest that the economy is making good progress.
It said, “India is well back on the path of rapid revival with the growth impulses clearly spreading across all sectors of the economy… Strategic reforms undertaken so far along with a fresh spurt in the immunization drive has helped the economy to recover from the Covid-19 pandemic.” -19 has enabled us to overcome the devastating waves of the pandemic. The external sector continues to present bright prospects for India’s growth revival and the country’s merchandise exports crossed the $30 billion mark for the sixth consecutive month in FY 2021-22.
There was also a jump in bank loans
According to the report, with the trade deficit widening in September, there is clear evidence of consumption and increasing investment demand in India. The external debt-to-GDP ratio remains comfortable, falling to 20.2 per cent at the end of June from 21.1 per cent at the end of March 2021. It said that with the pace of growth in the economy, the growth rate of bank credit stood at 6.7 per cent year-on-year for the fortnight ended September 10, 2021, as against 5.3 per cent in the corresponding period of the previous year.
Retail inflation at four-month low in August
With the restoration of supply chains, improved movement and moderation in food inflation, consumer price index (CPI) inflation returned to a four-month low of 5.3 per cent in August 2021. This clearly shows that the inflationary trend is pandemic driven and temporary. However, the report also said that volatile prices in international crude oil markets and rise in prices of edible oils and metal products could remain a cause of concern.
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