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Economy witnessing V-shaped recovery since June: FinMin Report
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SME Times News Bureau | 05 Jan, 2021
India has been witnessing a 'V-shaped' recovery since June with the
gradual easing of restrictions on economic activities, said a Finance
Ministry report.
"The sustained improvement in high frequency
indicators ignite optimism of an improved performance in second half of
the year," it said.
The Monthly Economic Recovery for December by
the Department of Economic Affairs (DEA) also noted that the impending
vaccination is set to spur the momentum in economic activity globally.
"The
effective management of Covid-19 spread despite the festive season and
onset of winter season, combined with sustained improvement in high
frequency indicators and V-shaped recovery along with easing of lockdown
restrictions distinguish Indian economy as one riding against the
Covid-wave," it said.
The agricultural sector remains the bright
spot of Indian economy, with healthy year-on-year growth of 2.9 per cent
in rabi sowing, accelerating tractor sales, and reservoirs' live
storage at 122 per cent of decadal average.
As per the DEA
report, rise in minimum support prices accompanied by record
procurement, and accelerated wage employment generation through MGNREGS,
bodes well for rural incomes and bears testimony to PMGKY's success in
alleviating rural distress.
"This rise in rural incomes is
mirrored in the healthy, though moderated, sales in passenger vehicles,
two and three wheelers and tractor, and a rebound in vehicle
registrations for the first time after March 2020," it added.
Further,
the industrial production growth ran parallel to the festive fervour of
October and rose to an eight-month high, led by manufacturing and
electricity sector. The core industries registered slight decline in
November driven by natural gas and cement, while coal production,
electricity and fertilizers' production registered growth.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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