Brickwork’s rating agency said on Monday that the country’s economy was performing much better than previously thought and that economic growth in the current fiscal year could drop from 10 to 10.50 percent. The Central Statistical Office (CSO) government says it is growing by 8.3 percent of the current economy. The council is showing an 8.3 percent growth rate for the second quarter (July-September 2021) of 2021-22.
According to the report, at present most economic indicators are showing better than ever before and it is expected that in the current financial year, India’s GDP will reach Kovid’s level. “We expect the economic growth rate for the second quarter of 2021-22 to be 8.3% year-on-year compared to the 7.4 percent decline over the same period last year,” Brickwork said. the accounting agency says corona virus If the epidemic does not return, economic growth will be much faster in the coming regions. In light of this, the agency said, ‘We are also reviewing our first estimate of 9 percent economic growth in 2021-22 to 10-10.5 percent. Brickwork said in its analysis that the reduction in Kovid-19 cases had boosted the confidence of financial institutions. This raises hopes for economic growth.
Amid the advances in vaccines and the reduction in Kovid-19 cases, many countries have reduced economic sanctions. The Treasury says Kovid’s epidemic has made the economy worse. In that case, it may take some time before sales strategies change, but the economy has returned. Despite the constraints, economic growth in the first quarter (April-June) of the current fiscal year reached 20.1 percent compared to the sharp decline of 24.4 percent in the same period last year. This is a testament to the strength of the economy because the effects of sanctions on social media – hotels, businesses and the operating business – are still evident after the second epidemic.
The report said that the basis for economic recovery is large and in support of this, changes to the Purchasing Managers’ Index (PMI) for October 2021 have been noted. During the month under review, the PMI of manufacturing companies reached eight months of 55.9 points and the PMI of the services sector reached a half and a half of 58.4 points. The report said the risk of a third Kovid wave panic has been reduced by vaccination. But rising oil prices, commodity prices, and the problem of semiconductor chips / computers can disrupt the economy.
The government is working hard to keep the economy afloat and to be prudent in its spending. The report also noted that purchasing power has increased in recent months. Similarly, it is expected that when the need for sustainability arises, the use of industrial energy will increase.