India’s economy holding up well against COVID-19 surge, says RBI

India’s economic activity has held up well against the recent spike in COVID-19 cases but the rise in infections risks protracted restrictions and inflationary pressures, the central bank (RBI) said in its monthly bulletin on Monday.

“It is noteworthy that economic activity in India is holding up admirably against COVID-19’s renewed onslaught,” the RBI said.

“Apart from contact-intensive sectors, activity indicators largely remained resilient in March and grew beyond pre-pandemic levels on the back of strong momentum rather than statistical base effects,” it added.

India’s coronavirus infections hit a record peak for a fifth day on Monday with 353,991 new cases.

Source: The Economic Times

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