The government on Wednesday said the economy is coming back on track sooner than expected. Speaking to the media after meetings of the Cabinet and the Cabinet Committee on Economic Affairs, Union Minister for Information and Broadcasting Prakash Javadekar said the Cabinet discussed that the economy is coming on track at a faster speed than expected.
Javadekar cited the Rs 1.05 lakh crore GST collection in October — 10 per cent higher than GST collected in October last year. The power demand, he said, has increased by 12 per cent.
He pointed out that demand for power from the agriculture sector was less this year because of good rainfall. Also, he said, Railways’ demand for power was less because services are not fully operational and due to agitations at some places.
“Despite these two facts, 12 per cent increase in power (demand) indicates a complete return to normalcy in… major sectors,” he said.
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