Indian economy accelerates in September as animal spirits soar
NEW DELHI: India’s economy picked up speed in September as a revival in demand and business activity helped drive the South Asian nation toward recovery from the pandemic-induced slump.
Five of the eight high-frequency indicators, including exports, tracked by Bloomberg News improved last month, while three were steady.
Economists, including those at the Reserve Bank of India, attributed the recovery to pent-up demand after a strict lockdown imposed in March to contain the coronavir s outbreak hit the consumption of goods and services. While inventory re-stocking will under business activity in the coming months, the improvement might still not be enough to prevent Asia’s third-largest economy from contracting in the financial year to March 2021.
Activity in India’s dominant services sector continued to recover, with the main index rising to 49.8 in September from 41.8 in August. While that’s a marked improvement from April’s record low of 5.4, a number below 50 suggests it’s still in contraction territory and will probably be a drag on overall growth in the July-September quarter.
Manufacturing activity was a b spot, with the purchasing managers index rising to 56.8 -- the highest reading since January 2012 -- on the back of a sharp expansion in new work orders, according to IHS Markit. This helped the composite index back into expansion territory -- at 54.6 -- after five months of contraction.
印度占主导地位的服务业继续复苏，主要指数从8月份的41.8升至9月份的49.8。尽管该数据较4月的纪录低点5.4有明显改善，但扔低于50，表明仍处于收缩状态，并可能拖累7 - 9月这一季度的整体增长。
Exports returned to positive territory with shipments rising 6% in September from a year earlier. Farm exports and shipments of drugs and pharmaceuticals helped the recovery, with engineering goods and chemicals also adding to the rise. A contraction in imports moderated, resulting in a narrowing of the trade deficit.
Passenger vehicle sales, a key indicator of demand, rose 26.5% in September from a year ago. Retail sales too showed signs of stabilizing, even though it was nearly 70% below the year-ago level, according to ShopperTrak. That was mainly because consumer confidence remained in the dumps, an RBI survey showed, with respondents worried about jobs, loss of income and stubbornly high inflation.
Demand for loans also remained sluggish. Central bank data showed credit grew 5.2% in September from a year earlier, slightly lower than 5.5% in the previous month, and nearly half of the growth rates seen a year ago. Tighter liquidity conditions prevailed in September, although there were signs of slight easing toward the end of the month.
Industrial production fell 8% in August from a year earlier, shallower than July’s revised 10.8% contraction. Capital goods output -- another key indicator of demand in the economy -- dropped 15.8% from a year earlier, although that’s milder than the 22.8% drop seen a month earlier.
Output at infrastructure industries shrank 8.5% in August from a year ago and was slightly worse than the revised 8% decline in July. The sector, which makes up 40% of the industrial production index, had contracted by a record 37.9% in April. Both data are published with a one-month lag.
If Indians stop buying most goods, they can be better off soon...
also kick out congress completely
Govt should ban all product gradually ..we will boom more faster.
Pappu dest yed Congress.
Hopefully Growth of our Economy should quickly come back to normalcy from this vir s pandemic although we are not fully crossed the threat..
Hopefully people should encourage going to malls slowly by following social distance with wearing masks, offices reopen with limited set of employees slowly and then increase later etc.,
Hopefully all should come back to normal soon..
Go nment must ban all products. Let Pappu and his chamchaas prest and barrrkkk.
With MINUS 59% GDP!! Even countries like Bangladesh and Nepal had a positive GDP!! Shame on dl re gie, uneducated thugs!
France and Germany planning to go for another lockdown ....don't think covid has reduced so issue solved ....2nd wave may start soon ....need to be careful
So. the retards who were blaming Modi instead of Covid, will now give credit to Modi for reviving the economy?
What did Modi do? If economy falls, it is Covid and if it raises, it is Modi is it?
The writer should visit the market first before posting this "LIE"
Shameer i k
Paid news before Bihar elec...
Govt. must realise economic growth is directly linked with GROWTH RATE in employment.
Where is Pappu? Why he is silent now ?
Rahul is responsible for diminishing Congress, boycott of Indian Nationalism has cost Congress loosing ve share
A K Ashta
Indian economy is bound to bounce back under strong leadership of Prime Minister Modi ji.
GREEN SHOOTS ,NOT ONLY VISIBLE
STARTED YIELDING FRUITS..
Fantastic. I think India is Greatest Economy in World. Stop listening to videsis or others. Just move on fast. Cheers
Only when the last tree has been cut, the last fish caught, and the last stream poisoned, will man realize that he cannot eat money.