Indian economy witnessing strong recovery: Sitharaman

New Delhi, November 12 

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.

COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 per cent, she said.

Giving out details of recovery, she said composite purchasing managers index (PMI) rose to 58.9 per cent in October versus 54.6 per cent in the previous month, registering the strongest increase in output in close to nine years.

Energy consumption growth trended higher in October at 12 per cent year-on-year, while Goods and Services Tax (GST) collections have grown 10 per cent to over Rs 1.05 lakh crore.

Daily railway freight tonnage grew by an average 20 per cent year-on-year versus 12 per cent, she said adding bank credit has improved 5.1 per cent.

Also, foreign direct investment (FDI) inflows in April-August at USD 35.37 billion has seen a 13 per cent 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. PTI 



Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Mann ki Baat | PM calls for 100-day campaign to clean up water bodies, harvest rain water

Prime Minister Narendra Modi said water has been crucial for the development of humankind for centuries. Underlining the importance...

Jal Shakti Ministry to launch ‘Catch the Rain’ campaign: PM Modi...

PM conveyed his greetings on National Science Day. Prime Minister Narendra Modi spoke about water conservation on his monthly Mann Ki Baat programme. He said...

Coronavirus updates: Active case count hits zero, Arunachal turns coronavirus-free

Early on Sunday, the United States authorities cleared a Johnson & Johnson COVID-19 vaccine that works with just one dose instead of two.The FDA...

Coronavirus | India records 16,752 fresh COVID-19 cases, biggest single-day jump...

The death toll mounted to 1,57,051 with 113 fresh fatalities, the data updated at 8 a.m. showed. India’s COVID-19 tally climbed to 1,10,96,731 on February...

Biden says he will make announcement on Saudi Arabia on Monday

President Joe Biden on Saturday said his administration would make an announcement on Saudi Arabia on Monday, following a U.S. intelligence report that found...

More Articles