The Reserve Bank of India (RBI) said on Wednesday that as the country emerges from the third wave of the epidemic, domestic macroeconomic conditions are diverging from global events and the recovery in economic activity is gaining strength and traction. Manufacturing and services continue to expand, according to the central bank's monthly report for February, with optimism on demand parameters and an increase in consumer and corporate confidence.
The job situation is projected to improve as firms return to a new normal, according to the RBI's Department of Economic and Policy Research bulletin.
During the third wave, better planning and strategy, supply chain logistics management, and accelerated digitalisation helped firms mitigate pandemic risks, according to the report, which also noted that, unlike the first two waves, overall consumer and business confidence remained resilient due to the accelerated pace of vaccination and improved prospects for the general economy, household incomes, and spending.
"Mobility indicators had restored to pre-pandemic levels in February 2022, while unemployment had decreased. As businesses return to their old routines, hiring has picked up steam — several Indian companies, global conglomerates, and start-ups have all announced significant hiring plans for India "According to the bulletin.
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