- India’s Gross Domestic Product (GDP) grew by 20.1% in the first quarter of 2021-22, compared to the 24.4% contraction recorded in the same quarter a year ago. The GDP though is still 9.2% lower than GDP in the same period in FY19-20.
- Manufacturing and construction sectors grew 49.63% and 68.3% respectively and showed a significant recovery of economy in April-June post second wave of Covid-19.
- Index of Industrial Production (IIP) witnessed a y-o-y growth of 13.6% in June 2021 as against rise of 29.3% in May 2021, however it is still lower than 2019 levels.
- Monetary Policy Committee (MPC) decided to retain the prevailing repo rate at 4 per cent and continue with the accommodative stance. It was also decided to continue the accommodative stance as long as necessary with an eye on inflation by all accept one member.
- India’s Retail Inflation, CPI, eased to 5.59% (Target is 4% ± 2%) in July 21 as result of drop in food prices from 6.26% in the month of June 21 while the wholesale inflation eased marginally to 11.2%.
- Inflation pressure was observed in US, UK and Euro area as well, highest in a decade, but temporary in eyes of many economists.
- GST collections for the month of July 2021 were Rs.1.16 lakh crore, again surpassing the Rs.1 lakh crore mark.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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