Three sectors viz agriculture, manufacturing and services sectors have shown “green shoots” of recovery as the government and the Reserve Bank of India took timely steps to contain the damage by coronavirus lockdown.
Three sectors viz agriculture, manufacturing and services sectors have shown “green shoots” of recovery as the government and the Reserve Bank of India took timely steps to contain the damage by coronavirus lockdown, the government said on Tuesday. “Early green shoots of economic revival have also emerged in May and June with real activity indicators like electricity and fuel consumption, inter and intra-state movement of goods, retail financial transactions witnessing pick up,” the statement by Ministry of Finance said, adding that both the government and RBI took prompt policy measures in both short term and long term to revive the economy at the earliest with minimal damage.
With expectations of healthy monsoon this time, agriculture is likely to flourish even further and the Ministry of Finance said that the sector will support the rebooting of the economy. A fairly large number of the country’s population is engaged in agricultural work and its growth has a very positive impact on the population it employs. The government also said that agriculture is a promising sector with the government’s recent reforms which will help in building efficient value chains and ensuring better returns for farmers.
India’s manufacturing sector has also gained momentum and has helped India become the world’s second largest maker of Personal Protective Equipment (PPE) in under two months. For the coming months, Prime Minister Narendra Modi has also tasked India to become Atmanirbhar or self-reliant and cut imports to the country by pushing domestic manufacturing.
On the other hand, India’s services sector has been recovering too with the average daily electronic toll collections increasing from Rs. 8.25 crore in April, 2020 to Rs. 36.84 crore in May. This is a four times jump. While India had imposed a lockdown on 24 March in view of the coronavirus pandemic, it recently eased restrictions and changed its earlier stance of ‘Jaan hai to Jahaan hai’ to ‘Jaan bhi Jahan bhi’. Since then, the business activities started to pick up in the country after being in a strict lockdown of two months.