New Delhi, Nov 4 (TIWN) With economic activities gaining momentum, India is poised to recover fast and may reach the pre-Covid levels of economic parameters by the current financial year's (FY21) end, according to a report by the Department of Economic Affairs.

The Monthly Economic Review for October, however, noted that the recovery may get impacted if the second wave of novel coronavirus infection gets triggered.  "India stands poised to recover at a fast pace and reach pre-Covid levels by the end of the year - barring the incidence of a second wave that may be triggered by the fatigue with social distancing. The continuous improvement in forward looking RBI indices of consumption and business sentiment for the next year augurs hope of a strong economic rebound," it said.  It noted that that the growth prospect for the Indian economy is also corroborated by the International Monetary Fund's (IMF) October 2020 projection of 8.8 per cent real GDP growth of India in FY 2021-22, highest among its global counterparts.  The report noted that a steady contraction of active Covid-19 cases and a low case fatality rate has instilled measured optimism in India that the worst is behind now.