Indian Economic recovery to continue even in event of third wave: FinMin
Published On: Thursday, September 9, 2021 | By: Team KnowMyStock
Today (9th September 2021) the Finance Ministry said that economic recovery, which was impacted during the second wave, will see faster revival in the next three quarters of the current financial year, even if the third wave hits the country. It is said that this confidence is mainly due to a rapid surge in the inoculation drive and a rebound in leading macroeconomic indicators. “Rapidly increasing vaccination coverage and richer experience with pandemic management provide the confidence that the recovery can continue even in the event of a third wave,” the finance ministry’s Department of Economic Affairs said in its monthly review for August.
It added that India is poised for an even faster recovery in the next three quarters of 2021-22 due to measures taken by the Central government and the Reserve Bank of India.
The ministry noted that the momentum of India’s economic recovery since the second half of last fiscal (FY21) was indeed disrupted by the second wave. However, the rapid surge in vaccination in Q4 of 2020-21 and in the first quarter of the current fiscal contained the sequential decline in output.
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