It has been said in the report that the service sector has contributed more in the economic recovery. Manufacturing activity is not seeing that much momentum.
The economy is getting back on track with a slow pace.
Foreign brokerage firm Barclays said that in the current finance, the country’s economic growth rate ,GDP growth rate) will be 10 per cent. third wave of corona Economy ,Indian Economy) had a partial effect. Barclays said that the growth rate in the December quarter could be 6.6 percent. The economy has shown some stability in the October-December quarter. Many factors are telling that economic activities ,Economic activities) Corona is at the former level. The service sector has shown great strength. There was a threat of a third wave of corona in January, although this effect remained limited.
The Indian economy had registered a growth of 8.4 per cent in the July-September quarter. The data for the December quarter will be released by the government on February 28, after which the pace of economic recovery will be known. The brokerage said that the pace of growth has slowed in the December quarter as compared to September. The growth of the farm sector is slow, while the strength in rural consumption is not visible.
Higher contribution of service sector
It has been said in the report that the service sector has contributed more in the economic recovery. Manufacturing activity is not seeing that much momentum. Mining, construction, manufacturing sectors are not so fast. The auto sector is grappling with supply-chain problems. The manufacturing sector is grappling with supply problems as well as high prices.
Increase in fuel demand, increase in air traffic
A big indicator of economic recovery is seeing an uptick in fuel demand. Fuel demand in the country is expected to grow by 5.5 per cent in the fiscal year 2022-23, starting April 1, with economic activity picking up. Trade volume has set a new record. Tourism activity has increased, air traffic has increased, railway freight collection has increased. These data are showing signs of economic recovery.
Third wave is not that dangerous
Credit growth is also picking up. Corporate quarterly results have been strong. Overall, there are clear signs of economic recovery. The report said that the impact of the Omicron variant on the economy has been limited. It is not as dangerous as the first and second web.