Page 23 - NIS English December16-31

T he worst ever pandemic has
lives,
jobs
disrupted
and
economies globally and India is
no exception to the cascading adverse
impact of COVID-19. What perhaps
stands out is the way Government,
people and economy have responded in Manufacturing Index on
the last nine months.
A responsive Government, sensitivities high [%]
of Indian people and economic resilience
were on full display even as society
devastated by the pandemic limped 56.8 58.9 56.3
back to normalcy step by step and firmly 55.3 54.5 51.8 52
at that. With the Central Government 47.2 46
led by Prime Minister Narendra Modi
rolling out an ‘AatmaNirbhar’ package to
rescue the economy from onslaught of 27.4 30.8
the pandemic and achieve self-reliance,
most stakeholders responded beautifully
and worked in unison to bring the mojo
back in famed India growth story.
While this bounce-back was work
in progress, several sectors showed January February March April May June July August September October November
promise and green-shoots in the l Manufacturing Purchasing Managers' Index
economy were visible. Indian agriculture (PMI) moderated to 56.3 in November against
sector demonstrated its strength by
growing at 3.4 per cent during the April– the decade high level of 58.9 in October. With
September 2020, i.e. last two quarters PMI Services Index also ending the seven-
during the peak of spread in COVID-19. month sequence of contraction to rise to 54.1
Indian businesses have also in October and 53.7 in November, growth of
responded positively to the policy output in the second half of 2020-21 is poised
packages announced by the Prime to replicate the performance of Q2. Despite
Minister beginning with the COVID-19 some moderations in November, Manufacturing
economic rescue measures initiated by
the Government. In fact, this brought sector is buoyant.
manufacturing growth into a positive Positive growth indicators
zone at 0.6 per cent during July–
September 2020 from the 39.3 per cent Sector FY 2019-20 FY 2020-21
dip reported in the previous quarter. 1st quarter 2nd quarter 1st quarter 2nd quarter
Power, gas and water supply sectors
have also grown by 4.4 per cent in the Agriculture 3 3.5 3.4 3.4
second quarter of this fiscal as against 7 Manufacturing 3 -0.6 -39.3 0.6
per cent contraction reported for earlier Electricity/Gas 8.8 3.9 -7 4.4
three months i.e. in April–June 2020.
Foreign Direct Investments (FDI) during Construction 5.2 2.6 -50.3 -8.6
April– September 2020 touched $30 Tourism 3.5 4.1 -47 -15.6
Billion, registering 15 per cent growth (Figures in %)

New India Samachar 21