SME Times is powered by   
Search News
Just in:   • Goyal urges textile industry to focus on speed, skill and scale  • Goyal reviews the Amended Technology Up-gradation fund Scheme  • Stage set for pvt investment cycle  • Service rendered by govt, not its agency, only exempt from GST  • Cochin Airport ventures into hydropower production 
Last updated: 11 Oct, 2021  

India.Growth.9.Thmb.jpg Strengthening economic recovery

Economy.9.jpg
   Top Stories
» Goyal urges textile industry to focus on speed, skill and scale
» Goyal reviews the Amended Technology Up-gradation fund Scheme
» Stage set for pvt investment cycle
» PM interacts with domestic vaccine manufacturers
» Goyal calls for free trade within rules-based multilateral trading system
Bikky Khosla | 11 Oct, 2021

With post-pandemic economic activity in the country picking up pace, India is well-placed on the path to swift recovery with growth impulses visibly transmitted to all sectors, according to the latest Monthly Economic Review released by the Department of Economic Affairs. The report points out to improvement in agriculture, industry, manufacturing, exports and credit offtake by MSMEs, among others.

As far as the Indian industry is concerned, it is gaining lost ground, with IIP witnessing a broad-based YoY growth of 11.5 percent in July 2021. Similarly, rise in PMI Manufacturing to 53.7, coupled with PMI Services clocking a 55.2, establish a robust recovery. The report also points out that some high frequency indicators including power consumption, rail freight activity, e-way bills, and GST collections are encouraging.

On exports, the report mentions that the external sector continues to offer bright prospects to growth revival as merchandise exports crossed US$ 30 billion mark for the sixth consecutive month in FY 2021-22. It adds that with merchandise trade deficit also rising in September, there is clear evidence of increasing consumption and investment demand in the country. External debt to GDP ratio also continues to remain comfortable.

It is also encouraging that the report points to growth in bank credit, with the rate of growth standing at 6.7 percent YoY in the fortnight ending September 10, 2021 compared to 5.3 percent in the corresponding period of the previous year. More importantly, credit offtake by MSMEs continued to perform well in August. This is good sign for our small businesses which has being going through a tough phase for quite some time now.

I invite your opinions.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 25 Oct, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter