IIP continued to recover in Oct; Omicron impact to be less severe: FinMin

Department of Economic Affairs asserts that economic recovery to gain further momentum remaining two quarters of FY22

A day after the index of industrial production (IIP) portrayed a dim picture of factory production, particularly of capital goods, auto sector and fast moving consumer goods in October, the Ministry of Finance on Saturday exuded confidence that the economic recovery is likely to gain further strength. FinMin said that in the remaining two quarters of the current fiscal year the recovery will continue to be resilient after the second quarter yielded 8.4 per cent GDP growth.

However, the ministry counted Omicron variant of coronavirus as a risk to the global recovery while also citing preliminary evidence to bring home