Agriculture is still a relatively bright spot, with manufacturing activity growing from July to September, the report said. Manufacturing fell nearly 40% in the second quarter due to the blockade.
By all indicators, Indias economy has passed its worst, said Samir Narang, chief economist at Indias baruda bank. The future We will continue to see the economy improve.
Vivek Kumar, an economist at the Indian Institute of econometrics, said manufacturing growth bodes well for the Indian economy. After the government announced a blockade at the end of March, the factory was closed for months.
It is manufacturing, not services, that is leading Indias economic recovery now, he said. Similar trends have been observed in all major economies. Even before the outbreak novel coronavirus pneumonia, manufacturing industry was a bit laborious. So these signs are encouraging.
The International Monetary Fund, on the other hand, predicts that Indias economy will shrink by 10.3% this year, the largest decline among all major emerging economies and the worst economic performance of India since independence.
The report pointed out that it was difficult for Indias economy to gain growth momentum long before the outbreak. The epidemic has impacted on global economic activities. In addition, India has implemented the most stringent blockade measures in the world, resulting in a heavy blow to the Indian economy.
With a population of 1.3 billion, Indias work stoppage caused a large number of unemployment almost overnight, including tens of millions of migrant workers in the shadow economy, AFP said. Since then, the Indian government has been relaxing restrictions to revive economic activity, announcing two stimulus packages to make credit easier for farmers and provide subsidies to small businesses.
A vendor sells cauliflower in New Delhi, India, on November 2. (Xinhua News Agency)
Source of this article: reference information editor: Yang Bin_ NF4368