India poised for faster recovery in next three quarters: Finance Ministry
A broad-based rebound in several leading macroeconomic indicators in July and August offer bright prospects for India’s continued economic recovery, the finance ministry in a report.
“With government and RBI’s unflinching commitment to put the economy back on track, India is poised for an even faster recovery in the next three quarters of 2021-22. Rapidly increasing vaccination coverage and richer experience with pandemic management provide the confidence that the recovery can be continued even in the event of a third wave,” said the Department of Economic Affairs in the monthly economic review for August.
Recent economic data showed India’s economy grew at a record 20.1% year-on-year in April-June quarter, rebounding from a deep slump last year, in spite of a devastating second wave of COVID-19 cases. The economy had contracted 24.4% in the same…