The payroll data of the Employees’ State Insurance Corporation (ESIC) for November showed 19.62 lakh new additions in the month, providing some evidence of a pickup in economic activity.
The net addition to the ESIC, after excluding those who ceased paying their contribution during the month, was 6.97 lakh, the highest for any month in the current fiscal year.
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The slight improvement is also corroborated by a 6% increase in GST collections in November at Rs 1.03 lakh crore, reversing two months of decline. Even industrial production expanded at a modest pace in November at 1.8%, reversing three consecutive months of contraction.
The first advance estimate of the government has pegged India’s GDP growth in fiscal 2019-20 at 5%, the slowest in 11 years, compared with 6.8% the previous year.
Source: Economic Times
