The economy is beginning to show signs of recovery after recovering from the second wave of the Kovid-19 pandemic due to targeted financial compensation, monetary policy and rapid vaccination campaigns, the finance ministry said on Friday. In its monthly financial review, the Ministry of Finance said, “The RBI is constantly striving to normalize the market at Rs 6.29 lakh crore by promoting reforms and growth in various sectors.
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Finance Minister Nirmala Sitharaman announced eight economic measures worth Rs 6.29 trillion last month to boost the economy and mitigate the economic impact of the coronavirus epidemic and lockdown, which aims to provide relief to ordinary people and businesses. In addition, the Finance Minister announced an incentive package to provide relief to the tourism sector.
The car of economic reform is increasing by road and rail
The report said that the central government’s continued acceleration of flexible tax collection and capital expenditure in the first two months of the fiscal year 2020-21, particularly in the road and rail sector, has contributed to economic recovery. The recently announced financial compensation package is expected to give greater impetus to the capital expenditure cycle, including the implementation of the PLI Plan and the PPP Plan and asset monetization.
Self-reliant India employment plan is expected to increase usage
The June Economic Survey said job growth is expected to increase with the increase in job support under the Atharbhavara Bharat Rozgar Scheme (ANBRY). According to the report, the MGNREGA initiative and fertilizer subsidy, along with free foodgrains, will increase rural demand in the coming quarters. “Keeping pace with vaccination and strengthening health infrastructure in urban and rural areas will help sustainable recovery in the Indian economy,” the Economic Survey said.
Monsoon, Corona curfew and Kharif sow restores hope for relief from inflation
According to the report, any third wave of Kovid-19 can be controlled by expanding vaccination and strictly adhering to guidelines for Kovid. Regarding food inflation, good monsoon, kharif sowing and easing state restrictions, inflation is moderate, the report said.
