The finance ministry recently released a report and noted that India is on its way to becoming the fastest-growing major economy in the world.
Vaccination, Festivities To Push India’s Economic Recovery
As per the monthly Economic review released by the ministry, rapid vaccination and the festivities will further push India’s recovery which would further narrow the demand and supply mismatches. Along with greater employment opportunities.
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The review said that the Aatmanirbhar Bharat Mission is strengthened with major structural reforms and continues to play a critical role in shaping India’s economic recovery. It signals business opportunities and the expansion of spending through channels.
GDP Growth Project At 11 Percent
As per the economic survey 2020-21 which was released in January this year, it had projected a GDP growth of 11 percent during the financial year which is ending in March 2022.
The survey further said that the growth will be supported by the supply side which would be pushed from the reforms and easing of the regulations. Along with the push for infrastructural investments, boost for the manufacturing sector via Production-Linked Incentive (PLI) schemes, rise in the discretionary consumption subsequent to roll out more vaccines and recovery of the pent up demand.
Meanwhile, India’s economic recovery has gathered a push during the festive season. It recorded the highest Diwali sales of Rs 1.3 lakh crores as reported by the Confederation of All India Traders.
With the improving Covid 19 situation, there is a surge of high business and consumer spirits that delivered to the sustained economic recovery in October 2021. The global economic recovery currently remains constrained by supplies and inflation costs.
