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Thursday, October 22, 2020

Finance Ministry: September showing signs of growth towards normalcy

The ministry said the government has taken every possible measure to address the concerns of all the stakeholders during the last six months of Covid-19 crisis, while pushing the fiscal stimulus and packages.

By: ENS Economic Bureau | New Delhi | October 4, 2020 1:01:39 am
In the report, the World bank said the spread of the virus and containment measures have severely disrupted supply and demand conditions in India.

The economy is gaining “encouraging momentum” after the phased relaxation of lockdown, with September having exhibited “credible signs” of economic growth towards normalcy, the Finance Ministry said Saturday. To minimise Covid-19’s impact on the economy and people’s livelihoods, the Finance Minister is not averse to taking any further measures to ameliorate the suffering of people, it said.

To boost the recovery process of the economy, the government has taken every possible measure to address the concerns of all the stakeholders during the last six months of Covid-19 crisis, while pushing the fiscal stimulus and packages and has progressively extended help on both the demand and supply side to bring the economy back on track.

“Earnest efforts made by the government in the last few months during the coronavirus period have now started showing green shoots and the month of September has exhibited credible signs of economic growth towards normalcy…to minimise Covid-19’s impact on the economy and people’s livelihood, the Government is open to all possibilities and the Finance Minister is not averse to taking any further measures to ameliorate suffering of people. Ministry has taken proactive and prompt action both in policy and in implementation to serve the people in a holistic manner, especially providing support to those who need it the most,” the Ministry said in a statement.

Citing data for the pick-up in business activities, the Ministry said GST collections rose 4 per cent to Rs 95,480 crore in September, while rail freight revenue earnings were up by 13.5 per cent, power consumption up by 4.2 per cent, and rising tractor sales, healthy monsoons and other growth indicators like PMI manufacturing, the index of eight core industries, e-way bills, exports, kharif sowing, cargo traffic and passenger vehicle sales, etc., are showing credible upward movement. “All this makes the ministry confident that its efforts to mitigate the impact of Covid-19 are on the right track towards faster recovery of economy to normalcy,” the Ministry stated.

The government has effectively implemented two major stimulus packages — the Pradhan Mantri Garib Kalyan Package (PMGKP) without delay post lockdown on March 16, 2020, and the Aatmnirbhar Bharat Package (ANBP) of Rs 20 lakh crore on May 12, 2020, which was a “judicious mix” of fiscal and monetary policies to mitigate the negative impact of Covid-19, it said.

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