India well-placed on path to swift recovery: FinMin

The Monthly Economic Review for September 2021 released by the Department of Economic Affairs (DEA) has stated that strategic reforms and the rapid vaccination drive has put India on a path to swift recovery. Sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues indicate that the economy is progressing well. The latest trends in high frequency economic indicators in August and September further indicate a broad-based recovery evidenced in sustained improvement in power consumption, rail freight activity, e-way bills, robust GST collections, highway toll collections posting a 21-month high, sequential uptick in air freight and passenger traffic and quantum leap in digital transactions. However, the DEA cautioned that volatile prices in the international crude oil markets and upward-bound prices of edible oils and metal products may continue to pose concerns.