New Delhi: President Ram Nath Kovind on Friday stated that the country is recovering from economic damage from Covid induced lockdown.
"Amid efforts to save the life of every Indian, the country has started recovering from the damage done to the economy during the Covid-19 pandemic. Even in these difficult times, India has emerged as an attractive place for investors across the world," Kovind said while addressing the Budget Session.
Earlier reports had indicated a decline in the number of new Covid-19 infections and the roll-out of vaccine across the nation are providing new hope for the economic revival.
In fact, the figures on a few indicators of economic growth suggest the same. For instance, the manufacturing activity continued to strengthen in December 2020, with businesses stepping up production amid efforts to rebuild inventories. The seasonally adjusted manufacturing Purchasing Managers’ Index was at 56.4, slightly higher than 56.3 during November.
On the other hand, the sales of passenger vehicles, which is one of the key indicators of demand in an economy, also increased 14 per cent in December 2020, when compared to the same period in 2019. The markets also witnessed a bullish trend, with the Sensex crossing its all-time high 50,000 benchmarks for the first time on January 21, 2021. This is almost an increase of 70 per cent, when compared to its level in April 2020, when the country went into lockdown.
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