Finance Minister Nirmala Sitharaman said that the Indian economy is witnessing a strong recovery after a long and strict coronavirus-enforced lockdown in the country. She outlined various economic indicators, which show the presence of a strong pitch for recovery in the economy amid the ongoing COVID-19 pandemic.
The union finance minister said that improvements have been recorded in Composite Purchase Managers Index (PMI), energy consumption, bank credit, GST collections, market capitalisation and FDI. The Reserve Bank of India (RBI) has predicted a strong likelihood of return to positive growth in Q3 of 2020-21, said Sitharaman in a press conference on November 12.
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Here is the complete data shared by the government indicating green signs of recovery:
> Composite PMI rose to 58.9 in October vs 54.6 last month, registering the strongest increase in output in close to nine years
> Energy consumption growth trended higher in October at 12 percent YoY
> GST collections for October grossed Rs 1.05 lakh crore – 10 percent YoY
> Daily railway freight tonnage grew by an average 20 percent YoY vs 12 percent in the previous week
> Bank credit YoY growth improved by 5.1 percent on 23rd October ‘20
> Markets at record high, record market capitalization, FPIs net investments positive, Forex Reserves - $560 billion
> FDI inflows April-August at $35.37 billion – 13 percent rise YoY
> RBI predicts a strong likelihood of Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast
> Prominent economists have suggested that the rebound is not only due to pent up demand, but also strong economic growthFollow our LIVE blog for the latest updates of the novel coronavirus pandemic