The Indian economy is badly affected by the Coronavirus pandemic, is now on the path of improvement. A report says that the Indian economy will register a growth of 10 per cent in the next financial year 2021-22. Deloitte’s report ‘Voice of Asia’ says that economic activity is showing improvement. The manufacturing Purchasing Managers’ Index (PMI) is at the highest level since 2008.
23.9 per cent drop in April-June quarter
The Indian economy, which was hit by the coronavirus, declined by 23.9 per cent in the first April-June quarter of the current financial year. At the same time, in the second quarter of July-September, the GDP was down 7.5 per cent compared to the same period a year earlier.
The report noted that strong sales of cars increased production of finished steel and increased diesel consumption coupled with an increase in Goods and Services Tax (GST) revenue showed that the state of the economy grew significantly faster after ‘unlocked’. Is improving Pressurized demand and festive demand have also helped improve the state of the economy.
Indian economy will register two-digit growth in the next financial year
In addition to this, it has been said in the report that if the cases of coronavirus infection persist at high levels, then it will be challenging to maintain this growth during the next year. The report says, “We anticipate that the Indian economy will register double-digit growth in the next financial year after the decline in the current financial year.”