Finance Ministry has said that India is well-placed on the path to swift recovery with growth impulses visibly transmitted to all sectors of the economy. The Monthly Economic Review for September 2021 released by the Department of Economic Affairs wherein it has been stated that strategic reforms and the rapid vaccination drive has put India on a path to swift recovery. Sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues indicate that the economy is progressing well.

The latest trends in high-frequency economic indicators in August and September indicate a broad-based recovery evidenced in sustained improvement in power consumption, rail freight activity, e-way bills, robust GST collections, highway toll charges posting a 21-month high, sequential uptick in air freight and passenger traffic and quantum leap in digital transactions. However, the Department of Economic Affairs cautioned that volatile prices in the international crude oil markets and upward-bound prices of edible oils and metal products may continue to pose concerns.

The ministry noted that ebbing of the second wave coupled with rapid progress in vaccination bode well for revival of consumer sentiment, the upcoming festive season, but it warrants caution and continued adoption of Covid19 appropriate behavior.

In growth of currency in circulation since August is indicative of decreasing demand for precautionary savings with the progressive reopening of the economy. On the stock market, the report has said that it remains buoyant on reassuring indications of both global and domestic economic recovery. Foreign portfolio investors flow into the country remain strong with India reporting highest inflow of USD 3 billion in September among emerging market economies. So far in this fiscal, India is reported to have received FPI worth $7.2 billion, the second-highest after Brazil's USD 9 billion.

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