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Farmers to the rescue- India pins hope of economic revival on rural sector The adverse impact of the world's strictest lockdown in March continues to haunt, but the hinterland is holding out hope
India’s economy left cratered by the pandemic is drawing energy from one of its invisible and often-neglected engines: farmers. Business leaders, policy makers and politicians alike are pinning hopes on the rural sector as bountiful rains have set the stage for another year of record crops. Higher disposable incomes with farmers are expected to boost demand from automobile to cement to gold jewelry. That contrasts with the urban areas, where companies are still struggling to boost their sales following the pandemic that has hit
business activities, hurt demand and caused labor shortage. The adverse impact of the world’s strictest lockdown in March continues to haunt, but the hinterland is holding out hope. Maruti Suzuki India Ltd. and the local unit of South Korea’s Hyundai Motor Co., the two main players in India’s car market, said October sales were the best-ever for any month. Hero MotoCorp Ltd., the world’s largest maker of motorcycles and scooters, as well as smaller rival Bajaj Auto Ltd., reported record sales, as rural markets provided a cushion against a downturn in cities..Read More