The Ministry of Finance recently released its “Monthly Economic Review for September 2021”. According to the report, Indian economy is on path of swift recovery from the impact of Covid-19 pandemic.

Key Findings

• As per economic review report, sustained & robust growth in agriculture sector, rebound in manufacturing & industry sector, resumption of services activity & revenues indicates that the Indian economy is progressing well.
• External sector continues to offer bright prospects to growth revival in India. The merchandise exports of India have crossed USD 30-billion mark for the sixth consecutive month in fiscal year 2021-2022.
• External debt-to-GDP ratio has declined to 20.2 per cent in June 2021, from 21.1 per cent in March 2021.
• Rate of growth of bank credit was 6.7 per cent during September 2021 as compared to 5.3 per cent in same period of year 2020.
• Recovery is witnessed through e-way bills, sustained improvement in power consumption, rail freight activity, robust GST collections and increase in air freight & passenger traffic.
• Highway toll collections are also on higher side, posting a 21-month high.
• Digital transactions have also increased.

Conclusion

The report concludes that strategic reforms & rapid vaccination drive has pulled India on the path of recovery. This became possible because vaccination has enabled Indian economy to “navigate the ravaging waves” of covid-19 pandemic.