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Despite 7.1 million cases of COVID-19 and 109,00 recorded fatalities, India tries to boost its economy from coronavirus blow. According to Arun Kumar, an expert economist, India needs to rebuild its contracting economy in rural and urban areas for high growth revenue in signs of a good recovery.
As the number of coronavirus cases decreases from September to the present year, India plans to reboot job opportunities to rural and urban areas. By organizing various programs such as employment guarantee techniques and existing rural schemes.
The plans have given rise to ease the decreasing unemployment rate in India, where it dropped down to 6.7% last September of the current year. It is more profound than 23.5% from April, according to the Center for Monitoring Indian Economy.
Additionally, last August, Prime Minister Narendra Modi declared the budget they have set aside $1.46 trillion for building new infrastructure programs and allot $2 billion to elevate the country’s healthcare system.
From April to June, India’s current fiscal year erected to 23.9% as strict lockdown carried out all over the world. The private consumption, stock marketing, and investment movement restrictions brought job losses, financial penalties, and other uncertainties.
Moreover, India’s central bank announced last week that the economy was foreseen to decrease by 9.5% with downside risks. According to Governor Shaktikanta Das, the restrained retrieval with high-frequency indicators has helped the economy strengthen its last quarter of the fiscal year. That ends in March 2021 with progressive unlocking economic activity.
However, Das’s lead viewpoint implied that the Indian economy has already passed the health crisis. Economists addressed that they still need additional policy accommodation to protect and facilitate the early signs of recovery.
They also pointed out the limited spending chamber to stimulate growth as the fiscal position continues to languish with unstable revenue growth. On the other hand, India’s government and New Delhi will announce long-term fiscal inducement.
Festive Season: Month of October to December
Indians commonly gather in mobs, large crowds, and shopping malls during the festive season, especially Christmas.
Millions of Indian traders and manufacturers are counting on the awaited peak season to recoup their pandemic losses. Still, there are high chances that it could balloon the coronavirus cases during the festive season.