The Indian economy is recovering faster than expected and may post positive growth in the third quarter of current financial year, the Reserve Bank of India (RBI) said on Thursday in its report on state of the economy.
"Indian economy is pulling out of COVID-19's deep abyss and is reflating at a pace that beats most predictions," said the report.
Economic conditions continued to improve through November on the back of the uptick in agriculture and manufacturing activity. Financial conditions embodied in interest rates are perhaps at their easiest in decades.
"Although there are headwinds, steadfast efforts by all stakeholders could put India on a faster growth trajectory."
The report said growth impulses that have emerged augur well for revitalisation of the economy. Policy stimulus by the government and the RBI are intended to nurture these growth sprouts to greater strength.
Efforts are underway to ensure a calibrated unlocking of the economy with cognisance and caution about the virus.
"While we remain vigilant, we must now turn to alleviating the scars left by pandemic and revive the economy. The horizon has lighted up with the spate of positive news on the vaccines, and a steady rise in recoveries."
( With inputs from ANI )
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