AMID CONCERNS OVER a weakening of private consumption after the release of pent-up demand immediately after the pandemic, the finance ministry on Friday said a strengthening of the same is evident. "The steady consumption demand is backed by resilient urban demand conditions. The recovery in rural consumption demand is expected to be strengthened by the forecast of a normal monsoon in FY25," the ministry said in its monthly economic report for February.
The report, authored by economists in the ministry headed by V Anantha Nageswaran, cited indicators like burgeoning air passenger traffic and sale of passenger vehicles, rising digital payments, improved consumer confidence to argue that demand is rising.
The ministry's assessment comes close on the heels of positive commentary on private final consumption expenditure, which according to the National Statistical Office (NSSO) data, grew just 3.5% on year in Q3FY24.
This story is from the March 23, 2024 edition of Financial Express Mumbai.
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This story is from the March 23, 2024 edition of Financial Express Mumbai.
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