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Economic Recovery Showing Positive Sign, Witnessing Growth In Sectors: FinMin

Apart from the external sector, the merchandise exports crossed the $30 billion mark for the sixth consecutive month in Fiscal Year (FY) 2021-22.

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Money -Growth shutterstock_113284591

Amid the ongoing Coronavirus pandemic, the economic recovery registered further momentum in September which is leading to growth in all sectors, said the Union Ministry of Finance.  

The Department of Economic Affairs said in its monthly economic review for September 2021 said that the global economic recovery is still challenged by many factors like the ongoing COVID-19 pandemic, cost push inflationary pressures, and inequitable Coronavirus vaccination between advanced and emerging economies. 

The report also mentioned that, as the mobility restrictions ease, the industry is recovering with the Index of Industrial Production (IIP) registering a broad-based Year-on-year (YoY) growth of 11.5 per cent in July 2021, led by growth in capital goods and consumer durables.  

The report said, "Acceleration in YoY growth of the eight-core industries index in August at 11.5 per cent to recover 104 per cent of its corresponding pre-pandemic level portends further strengthening of industrial growth in the coming months. In synergy, the rise in PMI Manufacturing to 53.7 on the back of improved consumer demand and business confidence, coupled with PMI Services clocking a 55.2, establish a robust recovery," it said.

The report by the Finance Ministry also talks about the "impressive" rise in employment by 29 per cent to 3.08 crore, as per the estimates of Labour Bureau's Quarterly Employment Survey for April-June 2021.

The Agri sector keeps on reinforcing rural demands on the back of an assessed increment of Kharif creation, record-high acquisition of wheat and paddy in Rabi Marketing Season, and continuous Kharif Marketing Season, separately, it added.

Apart from the external sector, the merchandise exports crossed the $30 billion mark for the sixth consecutive month in Fiscal Year (FY) 2021-22. 



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COVID-19 Monthly Economic Review finance ministry