NEW DELHI: Expressing satisfaction over the first quarter growth, the finance ministry on Thursday said that India is poised for an even faster recovery in the next three quarters 22 and the momentum will continue despite the event of third Covid wave.
“A broad based rebound in several leading macroeconomic indicators in July and August offer bright prospects for India’s continued economic recovery. 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,” finance ministry said in its latest monthly economic review.
Experts have warned that there could be a possible third wave, which can dent the recovery.
The ministry, however, expressed concern over high incidence of Covid cases in Kerala and Maharashtra and underlined the need for strengthening pandemic control and management in these states.
“The fast-paced recovery is further evident in growth of power consumption, rail freight, highway toll collections, e-way bills, digital transactions, air passenger traffic and robust GST collections,” the report added, citing various economic parametres.
The report said that the government’s finances improved during April-July 2021 over the corresponding period of last year, with growth in tax collection.