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'Economy seen consolidating in March with hopes of double digit growth'
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SME Times News Bureau | 13 Mar, 2021
Economic activity is expected to consolidate in March 2021 as the
Covid-19 impacted difficult financial year 2020-21 is winding down with
new hopes for the next financial year with a great growth trajectory of
Indian economy, said Sanjay Aggarwal, President, PHD Chamber of
Commerce and Industry on Saturday.
Out of the 10 indicators of
QET (Quick Economic Trends) of economic and business activity tracked by
the industry body PHDCCI, 7 have performed positive in February 2021 of
which passenger vehicle sales has shown the highest growth of 18% over
the corresponding month in the previous year.
Though COVID-19
cases are re-emerging in some states including Maharashtra, Kerala,
Punjab, Karnataka, Gujarat and Tamil Nadu, the movement of the Indian
economy remains steady in February 2021.
We are happy to note
that the vaccination drive in the country is moving at a faster rate,
with more than 2.6 crore vaccines being administered so far, said
Aggarwal.
Positive GDP growth to the level of 0.4% in Q3 FY
2020-21 and a steady improvement in lead economic and business
indicators would go a long way to strengthen economic growth in the
coming quarters with the enhanced level of confidence of businesses, he
said.
Ten economic and business indicators of QET include demand
and supply indicators along with external and financial sectors
indicators, according to PHDCCI.
Economic and business indicators
such as GST Collections, E-way Bills, Railway freight, Passenger
Vehicle Sales, Stock Market and Exports have shown a positive y-o-y
growth in February 2021 as compared with February 2020, while the
Exchange Rate has shown positive sequential growth in February 2021 as
compared with January 2021.
At this juncture, to continue the
pace of economic momentum, rapid administration of COVID-19 vaccination,
especially in the States where COVID-19 cases are re-emerging, becomes
crucial, said Aggarwal.
Further, immediate policy attention is
required towards credit access to industry. Credit disbursement should
be the top priority at this juncture by the banking sector. The focus
should be on ensuring provision of hassle free disbursements of loans
vis-a-vis enhanced liquidity for MSMEs, especially in rural sectors.
Also,
there is a need to lower interest rates for consumers and businesses,
lesser compliances for MSMEs vis-a-vis ease of doing business at the
ground level.
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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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