Revival of Indian Economy
After two quarters of a sharp contraction, now India’s GDP is rising by 0.4% and GVA by 1%.
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Now, most of the economy sectors like manufacturing, construction is showing growth trend.
The spending on public administration, defence and other services is getting decreased.
Also, other sectors like retail, trade, hotels, transport and communication contracted by 7.7%.
Growth numbers alone may still not be capturing the tumult faced by swathes of informal and micro-enterprises, nor do they reflect a recovery in the job market.
The second wave of infections in industrial hotspots such as Maharashtra, and the risk of infections rising in poll-bound States, do not bode well either for services or the fragile recovery in manufacturing.
The continuing stress in employment- and contact-intensive services sectors is a worry, and the government must consider support measures.
A smooth and expeditious roll-out of the vaccine, with the private sector drafted in to achieve scale, is an imperative to help India navigate the bumps ahead more deftly.