India’s Economic Recovery and Job Losses

• India’s July growth rate of 3.5% in the Index of Industrial Production was a relief after the US implemented 25% tariffs on India’s oil purchases from Russia.

• The growth was largely driven by government-driven capex spends, with significant growth in basic metals, electrical equipment, and non-metallic minerals.

• Rural demand recovery was seen with consumer durables (7.7%) and non-durables (0.5%) showing positive trends for the first time in nine months.

• Mining activity contracted for the fourth consecutive month this year, with July’s -7.2% being worse than last July’s 3.8%.

• The recovery from the flooding of coal mines across the mining States of Jharkhand, West Bengal, Odisha, and Chhattisgarh could be a protracted process.

• Electricity output in July was marginally better than June (-1.2%) but worse than last July’s 7.9%.

• Tariff-impacted sectors such as textiles, apparels, and leather are already showing signs of stress, exacerbated by the labour-intensive nature of these sectors.

• The Centre has promised to address near-term liquidity concerns of these sectors, but the human fallout of large-scale job losses must be addressed to sustainably leverage the gains from retail inflation.

India Job Loss Trends is important topic for Civil service exam (WBCS).

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