The worst is behind us, says India on economic recovery. economy
New Delhi - Days after India reported a 23.9% contraction in its gross domestic product , the Department of Economic Affairs in its Monthly Economic Review for August has said that the worst is over now as the Indian economy is going through a V-shaped recovery.
It added that V-shaped pattern of recovery is seen in the high-frequency indicators including auto sales, tractor sales, fertilizer sales, railway freight traffic, steel consumption and production, cement production, power consumption, e-way bills, GST revenue collection, daily toll collections on highways, retail financial transactions, manufacturing PMI, performance of core industries, capital inflows and exports.
With the MPC in its August meeting further keeping the policy rates unchanged, the systemic liquidity is well entrenched to supply credit to the real sector.
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