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Last updated: 19 Oct, 2021  

Rupee.Bag.9.Thmb.jpg Optimism abound on macroeconomic cues

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Bikky Khosla | 19 Oct, 2021

Exports increased 21.35 percent to $33.44 billion in September 2021 compared to $27.56 billion in the same month last year. In the previous month of August, merchandise exports amounted to $33.28 billion. Cumulatively, exports during the first half of the financial year crossed $197 billion. It is good to see that the sector has for quite some time now been performing well, which is, no doubt, a good sign for the economy.

Meanwhile, low base effect, along with a rise in demand, pushed industrial output higher by 11.9 percent in August. This growth is encouraging, particularly in the light of IIP decline in August 2020, during the full-fledged lockdown period, of 7.1 percent. However, on a sequential basis, the production rate seems flat as IIP registered 11.5 percent in July. The manufacturing sector, which constitutes 77.63 percent of the index, grew 9.7 percent in August.

Also, September retail inflation eased on both a sequential and year-on-year basis. CPI inflation slipped to 4.35 percent last month from 5.30 percent in August 2021 and 7.27 percent in September 2020. Similarly, lower prices of primary goods eased wholesale inflation as well in September to 10.66 percent last month from 11.39 percent in August. However, on a sequential basis cost of manufactured products increased marginally in the month.

Amid these developments, the latest World Economic Outlook report shows India continuing to be the world's fastest growing major economy, with 9.5 percent GDP growth this fiscal year and 8.5 percent in the next. It adds that Indian has India has come out of a tough second wave of the pandemic. With most of its broadbased economic indicators reflecting optimism, it seems the Indian economy bounce back soon.

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