Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery.
Finance Minister Nirmala Sitharaman on Thursday said the Indian economy is witnessing a strong recovery after a long and strict lockdown.Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery.Also Read | GDP shrank 8.6% in Q2 pushing economy into recession: RBICOVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47%, she said.Giving out details of recovery, she said composite purchasing managers index (PMI) rose to 58.9% in October versus 54.6% in the previous month, registering strongest increase in output in close to nine years.Energy consumption growth trended higher in October at 12% year-on-year, while Goods and Services Tax (GST) collections have grown 10% to over ₹1.05 lakh crore.Daily railway freight tonnage grew by an average 20% year-on-year versus 12%, she said adding bank credit has improved 5.1%.Also Read | Moody’s revises India’s 2020 GDP forecast to -8.9% from -9.6%Also, foreign direct investment (FDI) inflows in April-August at $35.37 billion has seen a 13 % rise on a year-on-year basis.RBI has predicted a strong likelihood of Indian economy returning to positive growth in Q3 2020-21, ahead by a quarter from the earlier forecast, she said adding prominent economists have suggested that the rebound is not only due to pent up demand but also due to strong economic growth.
A letter from the Editor
Dear subscriber,Thank you!Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.Suresh Nambath