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Budget 2021

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Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Data shows lifting of lockdown crucial behind green shoots in India's key economic indicators

The Indian economy was hammered in the first quarter due to the COVID-19 pandemic and consequent lockdown, when economy most activity was halted.

November 28, 2020 / 03:40 PM IST

After lifting of the COVID-induced lockdown, many key economic indicators have shown green shoots and some sign of recovery has now been seen across key economic activities.

India's gross domestic product (GDP) contracted 7.5 percent in Q2FY21, entering a technical recession. But this was an improvement from the nearly 24 percent contraction witnessed in the previous quarter.

India's manufacturing Purchasing Managers' Index (PMI) rose to a record 58.9 Purchasing Managers' Index (PMI) from 56.8 in September, which was the strongest improvement in a decade.

Also read: Q2 GDP | COVID-hit economy still in negative, but data holds out promise for positive report soon

Services PMI climbed to 54.1 in October, an expansion, after contracting 49.8 during the previous month.

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Revenue from monthly Goods and Services Tax (GST) collection crossed the Rs 1 lakh crore mark in October, for the first time during this fiscal year.

The Indian economy was hammered in the first quarter due to the COVID-19 pandemic and consequent lockdown, when economy most activity was halted.

The aviation sector, one of the sectors most affected by the pandemic, is also seeing some recovery in domestic air passenger traffic.

Domestic air passenger traffic increased to 52.71 lakh in October from 39.43 lakh in September, according to data from the Directorate General of Civil Aviation (DGCA).

International flight operations continue to be suspended, except flights though the Vande Bharat Mission and air bubble arrangements with other countries.
Moneycontrol News
first published: Nov 28, 2020 03:05 pm

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