Gradual receding of Covid cases has created scope for eco recovery: PHDCCI

The gradual receding of the second wave of the COVID-19 pandemic has created scope for the economy to recover from the daunting impact witnessed in April and May 2021: PHDCCI

The gradual receding of the second wave of the COVID-19 pandemic has created scope for the economy to recover from the daunting impact witnessed in April and May 2021, industry chamber PHDCCI said on Thursday.

The Phdcci Economy GPS index has increased to 110.3 for June 2021 from the nine months low of 91.5 for the month of May 2021, it said.

On the back of declining new coronavirus cases, gradual unlocking in various parts of the country, and calibrated economic reforms announced by the government, the economic recovery has resumed once again in the country, Phdcci President Sanjay Aggarwal said.

"Gradual receding of the second wave of pandemic coronavirus has created scope for the economy to recover from the daunting impact witnessed in April and May 2021," it said.

At this juncture, there is a need to fuel the drivers of household consumption and private investments to enhance the aggregate demand in the economy as it will have an accelerated effect on the expansion of capital investments in the country, it added.