Indian Economy Witnessing Strong Recovery: Sitharaman
- IBEF
- November 13, 2020
Finance Minister, Mrs. Nirmala Sitharaman said on Thursday that after a prolonged and serious lockdown, the Indian economy has experienced a quick recovery.
Speaking at a press conference to announce additional support plans to strengthen growth, she said that the macro-economic indicators point to recovery.
COVID-19 active cases have decreased with a case fatality rate (CFR) of 1.47% from over 10 lakh to 4.89 lakh, she said.
Giving rebound updates, she said the Composite Purchasing Managers Index (PMI) increased to 58.9% in October opposed to 54.6% in the previous month, recorded highest production increase in nearly nine years.
In October, energy consumption development gained traction higher at 12% year-on-year, while collections of goods and servicestax (GST) increased 10% to over Rs. 1.05 lakh crore (US$ 14.11 billion).
Daily rail freight total volume increased by an average of 20% year-on-year versus 12%, she said the addition of bank credit improved by 5.1%.
In April-August, foreign direct investment (FDI) inflows of $35.37 billion have increased by 13% year-on-year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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