India's economic activity on cusp of strengthening revival, says RBI

·1-min read
FILE PHOTO: Reserve Bank of India logo is seen at the gate of its office in New Delhi

MUMBAI (Reuters) - Overall India's monetary and credit conditions stay conducive for a durable economic recovery to take root, the Reserve Bank of India said in its monthly bulletin released on Monday.

"Mobility is rapidly improving, the job market is recouping and overall economic activity is on the cusp of a strengthening revival," the RBI said in its chapter highlighting the state of the economy.

The RBI said the global economic outlook remains shrouded in uncertainty with headwinds from multiple fronts at a time when many economies are struggling with nascent recoveries.

"In India, the recovery gained strength though the speed and pace of improvement remain uneven across different sectors of the economy. Indicators of aggregate demand posit a brighter near-term outlook than before," the RBI said.

The RBI said the domestic situation has brightened on the back of a considerable dip in the level of new COVID-19 infections and the rapid progress of vaccinations.

(Reporting by Swati Bhat; Editing by Steve Orlofsky)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting