Department of Economic Affair has stated that that the rapid resurgence in Covid-19 cases, especially in India, has moderated the momentum of economic recovery. The IIP (Index of Industrial Production) data showed that manufacturing Index was at its highest in last 15 months in March 2021. However, it is to be noted that the IIP data does not capture the impact of second Covid-19 wave which poses downside risk to economic activity. At the same time, agriculture and rural demand will continue to be the silver lining due to forecast of normal monsoon.
In its first monetary policy statement for 2021-22, the Reserve Bank retained its projection of real GDP growth for the year at 10.5 per cent. Collections under the goods and services tax (GST) in April 2021 recorded a new high of Rs. 1.41 lakh Crore, remaining above the Rs. 1 lakh crore mark for the sixth consecutive month despite of Covid 2nd wave.
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