Net payroll additions in EPFO doubled in April-June quarter: Finance Ministry
Premium- The finance ministry's report said that the unemployment rate shrank for the 4th consecutive quarter to 7.6% in urban areas
The Union Ministry of Finance on Saturday released a monthly economic report in which it said that India retained its status as an attractive destination as the 5th largest recipient of FDI in the April-June quarter.
The finance ministry's report also claimed that the net payroll additions in the EPFO doubled in the April-June quarter on a year-on-year basis.
The report said that the unemployment rate shrank for the 4th consecutive quarter to 7.6% in urban areas.
Work demanded under MGNREGA has been diminishing since May and was at its lowest in August 2022, compared to the corresponding period of the previous two years.
Exports grew at the second highest rate this quarter despite the ongoing global slowdown, indicative of strong demand for Indian goods, and the growth momentum of Q1 continued to sustain in Q2 of 2022-23.
The Finance Ministry's report added that the country's india adequate to cover 9 months of imports, which is higher than most of the other economies.
The report says that after recovering from multiple waves of Covid-19 and the negative spillover of the Russia-Ukraine conflict, strong economic growth in Q1 of 2022-23 has helped India go past the UK to become the world's fifth-largest economy. The real GDP in Q1 of 2022-23 is now nearly 4% ahead of its corresponding level of 2019-20.
According to the report, in the next three quarters of the current year, India's real GDP needs to grow by (only) 5.4% on average every quarter to achieve the growth rate of 7.2% in 2022-23 as projected by the RBI.
Department of Economic Affairs report said the contact-intensive services sector is likely to drive growth in 2022-23 building on the release of pent-up demand and near universalization of vaccination. A sharply rebounding private consumption backed by soaring consumer sentiments and rising employment will sustain growth in the months ahead.
According to the report, an increase in private consumption and higher capacity utilization in the current year has further reinvigorated the Capex cycle to take the investment rate in Q1 of 2022-23 to one of its highest levels in the last decade.
In times when slowing growth and high inflation are afflicting most of the major economies of the world, India's growth has been robust and inflation is in control, the finance ministry added.
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