Economic recovery resilient: Centre
by Nidhi Bhati
Despite a surge in coronavirus cases, the recovery in economy is resilient with sustained improvement in the majority of high frequency indicators, the Department of Economic Affairs (DEA) stated in its Monthly Economic Review for March 2021. The report noted that the agricultural sector remains the bright spot of Indian economy with foodgrains production touching 303.3 million tonnes in 2020-21, recording highest production levels for the fifth consecutive year in a row. Although the IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) weakened to 55.4 in March 2021 from 57.5 in February 2021, the DEA stated that the manufacturing sector conditions continue to improve sharply, outpacing the long-run series average with firms scaling up production and witnessing upturn in sales.