India is staring at a protracted slowdown as coronavirus cases reach its countryside, with signs of recovery in the rural economy hailed by Prime Minister Narendra Modi 'at best a mitigating factor', government officials and analysts said.
MUMBAI/NEW DELHI - India is staring at a protracted slowdown as coronavirus cases reach its countryside, with signs of recovery in the rural economy hailed by Prime Minister Narendra Modi “at best a mitigating factor”, government officials and analysts said.
Modi has been citing higher fertiliser demand and sowing of monsoon crops, both key signs of rural activity, to show there are “green shoots” in the economy. “The situation on the economy front is very serious and the government’s hands are tied on the fiscal front,” a government adviser with direct knowledge of India’s budget plans said.
Farmers planted nearly 14% more land between June 1 and July 31 than last year given good monsoon rains, while fertiliser production rose 4.2% in June.
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