Despite the pandemic, macroeconomic indicators signal a revival in economic growth, said Javadekar
Several macroeconomic indicators over the last few days indicate that the Indian economy is getting back on track at a faster-than-expected pace, information and broadcasting minister Prakash Javadekar said on Wednesday.
Higher tax collection in October, with goods and services tax (GST) collections crossing ₹1 trillion mark for the first time this fiscal year, exponential growth in digital payments via unified payments interface (UPI), rise in power demand, increasing foreign direct investment and railway freight loading, are some of the indicators, signalling a recovery in economic growth, Javadekar said at a virtual briefing.
“There is a sustainable development of demand in oilfields, inputs purchased for manufacturing is rising, steel and other sectors are witnessing export growth and demand, rail freight increased in October by 15% despite stoppage of railways in certain places, Q2 (July-September) showed growth in profits of listed companies. Thus, it is very clear that the economy is coming back on track despite the pandemic,” he added.
Source: livemint
