New Delhi, August 5: The economy is recovering at a fast pace from the recent lows of April and May on the back of declining new coronavirus cases, continued unlocking in various parts of the country and calibrated economic reforms announced by the government, industry chamber PHDCCI said on Thursday.

At this juncture, it said, there is a need to further fuel the drivers of household consumption and private investments to enhance the aggregate demand in the economy as it will have an accelerated effect on expansion of capital investments in the country. GST Collection of Over Rs 1 Lakh Crore for July Indicates Economy Recovering at Fast Pace, Says Nirmala Sitharaman.

"On the back of declining new coronavirus cases, continued unlocking in various parts of the country and calibrated economic reforms announced by the government, the economy is recovering at a fast pace from the recent lows of April and May 2021," PHDCCI President Sanjay Aggarwal said. He suggested that more and more direct benefit transfers need to be considered for the urban and rural poor under the various welfare schemes.