India’s global economic recovery positive: EY report

28 Jun 2021 CW Team

Consultancy firm EY said in a report that India’ global economic recovery is positive.

According to EY's Economic Pulse report, India's exports have performed well, and its total exports of goods have increased by 59% over May 2020 and stayed stable compared to April 2020.

Due to the second wave of Covid-19, the exports in India took a hit in April, and a slight increase accounted for in May. Export services grew by 6% vis-a-vis in May 2020. India's total imports of non-oil goods have decreased by 17% in May over April 2021.

The reports said that the sales of fertilisers in the rural economy in April 2021 have declined vis-a-vis in April 2020. The tractor sales have also sharply fallen in April-May 2021. It highlights that the rural economy has been impacted due to the Covid-19 pandemic.

The Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) data indicated that the migration of laborers from cities to rural areas have been limited in the Covid-19's second wave.

Overall, it said that both the recorded Covid-19 cases and deaths are declining, and the vaccination of the entire population is the best strategy for the country's economy.

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Also read: India's economy contracts 12% in Q1 FY22

Also read: Government plans to take measures to boost Covid-affected economy

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