Finance ministry report says economy witnessing V-shaped recovery

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Finance ministry report says economy witnessing V-shaped recovery

As the gross domestic product had recorded a 7.5% contraction as compared to a 23.9%, surge in the previous quarter the Indian Economy is witnessing a V-shaped recovery. The recovery as we can see when we are halfway through 2020-21 is the strength and vigour of the Indian Economy through the Chief Economist of India Gita Gopinath cautioned that an initial spike may not lead to a V-shaped recovery. 

The continuous and sharp-witted support of the Atmanirbhar Bharta has put India firmly on the path of recovery. High buoyancy among investors continues to be seen in the equity markets all over the world. 

The largest sectors to drive growth and pull up the economy have majorly been agriculture followed by construction and manufacturing including the service sector which included communications and logistics. However, affliction in the rustic labour force seems to be aggravating. The jobs under the MAHATMA GANDHI NATIONAL RURAL EMPLOYMENT SCHEME has spurt with a growth of 42.7% in November.  The consistent development of High-frequency indicators in October declined, and November expressed optimism that the third quarter’s performance has improved. India’s Rabi sowing has also lead to a consistent increase in the demand for labour which has further lead to an increase in rural wages and employment. Further initiatives have been taken by the government in the latest package for Pradhan Mantri Garib Kalyan Yojna where an initial allocation of 10,000 Cr was done so as to give a major boost to rural income in addition to sustain a rural livelihood.

India’s economic recovery had already been scuffling with growth post the pandemic through high buoyancy among investors continues unabated as seen in equity markets the world over. With the weakening of the US Dollar prospects of growth in the rest of the world have become powerful.

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