India says economic recovery depends on Covid curve |
The Indian finance ministry on Tuesday said India`s economic recovery will largely depend on how the pandemic behaves across the country in the coming days, especially in industrialized states. In its Monthly Economic Report for July, the Finance Ministry said, "The spread of COVID-19 to most states/UTs and the emergence of new hotspots have led the states/UTs to enforce intermittent lockdowns. India`s top 12 growth driving states account for 85% of the COVID-19 caseload, with 40% of confirmed cases concentrated in the top two growth drivers i.e. Maharashtra and Tamil Nadu.” In July, India`s purchasing managers` index (PMI) for manufacturing declined to 46 from 47.2 in June, indicative of the impact of regional lockdowns, amid a demand slump, on the nation business activity. While the Centre began unlocking the country from 1 June to revive economic activity, coronavirus caseload touched 5.6 lakh by end of July, a surge of 166% month-on-month. The report said, states of Karnataka, Andhra Pradesh and Jharkhand, reported some of the highest growth rates, experiencing a second wave of infections. Offering respite was the rise in recoveries which was faster and broad-based, growing at 215% to reach 10.9 lakh by the end of last month.
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