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Credible Signs Of Economic Growth In September, Says Finance Ministry

The Finance Ministry said on Saturday that credible signs of economic growth emerged in September as the government took various measures, amid the raging coronavirus and resultant lockdowns in the past six months, to bring the economy back on track. The government’s initiatives on both, demand and supply-side led to the emergence of green shoots in the economy, the finance ministry said, and asserted that the government is open towards taking measures to further minimize the impact of Covid-19 on the economy. There has been a rise in business activities in the month of September as the lockdown has been relaxed in a phased manner. The GST collection rose 4 percent in the month (year-on-year) to ₹ 95,480 crores. Rail freight revenue earnings rose 13.5 percent and power consumption increased by 4.2 percent during the month.

Other growth indicators such as PMI manufacturing, the index of eight core industries, E-way bills, cargo traffic, and passenger vehicle sales also showed upward movement during the month. The government had unveiled the Pradhan Mantri Garib Kalyan Package (PMGKP) on March 16, 2020, and Aatmnirbhar Bharat Package of ₹ 20 lakh crore on May 12, 2020, to mitigate the negative impact of COVID-19 on the economy.

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