New Delhi. On the economy front, there has been news of a relief for the government. In fact, industry body Assocham said on Saturday that consumer confidence has increased in several key sectors including hospitality, which is a sign of improvement in the economy.
Assocham said that the construction and repair activities have also picked up during the last few months. In such a situation, migrant laborers have started returning and they are getting work. The information we are getting from our member companies including Small and Medium Enterprises (SMEs) shows that there has been a significant improvement in retail trading, malls, food business and inter-state travel. The industry body said that due to the lower base effect, India’s economy will register a growth of more than 10 percent in 2021-22.
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Industrial production up 11.5% in July
Significantly, according to the recently released government figures, the industrial production of the country has increased by 11.5 percent in July. According to the data of the Industrial Production Index released by the National Statistics Office (NSO), the industrial production in July has registered a growth of 7.2 percent as compared to June 2021. The manufacturing sector grew the highest at 10.5 per cent in July. In July, production in mining increased by 19.5 percent and power generation by 11.1 percent.
During April-July this year, the growth of IIP was 34.1 percent. Whereas last year during this period there was a decline of 29.3 percent in the growth of IIP. In March last year, industrial production was hit hard due to corona virus infection. At that time the growth of IIP had declined by 18.7 per cent. In April 2020, the growth of IIP was further down to -57.3 percent.
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