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Uptick in pvt investment spear-heads economic recovery: RBI
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SME Times News Bureau
The recovery for the Indian economy is spear-headed by an uptick in
private investment through November-December alongside a turnaround in
bank credit offtake, the Reserve Bank of India (RBI) said in its monthly
bulletin for December.
It also said that high capex from the government sector has also aided in the recovery process.
"For
the Indian economy, the recovery is spear-headed by an uptick in
private investment through November-December alongside a turnaround in
bank credit offtake and high capex from the government sector (Centre
and States)," the bulletin said.
"In conjunction, the employment
situation has brightened. The outlook remains upbeat, though concerns
revolving around the spread of the new Omicron variant are surfacing."
The seven-day moving average of daily Covid-19 cases plummeted below 9,000 by the close of November.
"After
a blip during the festive season in the early part of November, the
inoculation has gathered pace, with the seven-day moving average of
vaccinations touching 80 lakh per day by end November and crossing the
1-crore mark for the sixth time on December 4, 2021."
Furthermore,
the RBI, in the bulletin, said that indicators of aggregate demand
point to sustained recovery across spheres, but with signs of sequential
moderation.
"The end of the festive season reflected in
moderation in growth momentum of petroleum consumption, led by decline
in diesel even as petrol consumption remained above pre pandemic levels
and aviation turbine fuel recorded a steady pick-up in November 2021."
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| 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 13 Aug, 2022 |
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| Daily Poll |
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| PM Modi's recent US visit to redefine India-US bilateral relations |
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