Indian economy reviving at unforeseen pace: RBI

TIL Desk/Business/New Delhi/ As economic activities gather momentum and strive to get back to pre-Covid levels, the Reserve Bank of India has said that the Indian economy is reflating at a pace higher than most predictions.

The monthly bulletin of the central bank for December said the more evidence has emerged since the last bulletin which shows that the Indian economy is coming out of the Covid-induced slowdown.

“Since the assessment presented in the last month’s article, more evidence has been turned in to show that the Indian economy is pulling out of COVID-19’s deep abyss and is reflating at a pace that beats most predictions,” it said.

It noted that economic conditions continued to improve through November 2020 on the back of the uptick in agriculture and manufacturing activity.

In the June-September quarter, India’s GDP on a year-on-year basis contracted by (-) 7.5 per cent, narrowing from (-) 23.9 per cent in the preceding quarter.