The Monthly Economic Report of the Finance Ministry states that the corona is a truth and has been accepted by everyone.
The pace of economic recovery has been badly affected by the new wave.
After Corona’s new wave, once again economic reform has been pushed. All the agencies of the world have also warned about this. Many rating agencies and brokerage firms have even lowered India’s growth forecast. However, the finance ministry says that the impact of the second wave will not be as dangerous as it was seen in 2020.
The Monthly Economic Report of the Finance Ministry states that the corona is a truth and everyone has accepted it. The industry and the people have now got used to working with it. However, due to the increasing case of Corona and local lockdown, economic activities have definitely been affected.
Heavy decline in mobility indicator
The effect of the local lockdown is that in April Google Mobility Indicator registered a decline of 37 per cent, while in March it was 22 per cent. The Oxford Stringency Index rose to 71 in April, down from 59 in March. The index was 100 in April 2020. The average index for the FY 2020-21 stood at 85. This index shows how tight the lockdown is.
Agriculture is expected this year as well
There is no doubt that the pace of economic recovery has been severely affected due to rising cases, acceleration in corona deaths and lockdown in many states at the local level. The service sector and especially the hotel and restaurant business have been the worst hit. There is a possibility of positive growth in agriculture in times of crisis. This year the monsoon is expected to be normal, due to which there is a possibility of bumper yield. Last year was also the only agricultural sector which recorded positive growth.
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