Indian economy witnessing strong recovery: Minister

New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the Indian economy is witnessing a strong recovery after a long and strict lockdown.

Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery. She noted that COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 per cent.

Giving out details of recovery, she said composite purchasing managers index (PMI) rose to 58.9 per cent in October versus 54.6 per cent in the previous month, registering strongest increase in output in close to nine years.

Energy consumption growth trended higher in October at 12 per cent year-on-year, while Goods and Services Tax (GST) collections have grown 10 per cent to over Rs 1.05 lakh crore.

Daily railway freight tonnage grew by an average 20 per cent year-on-year versus 12 per cent, she said adding bank credit has improved 5.1 per cent. Also, foreign direct investment (FDI) inflows in April-August at USD 35.37 billion has seen a 13 per cent rise on a year-on-year basis.

Giving details of the progress made on the previous stimulus announcements under AatmanirbharBharat Abhiyaan, Sitharaman said 28 states/union territories (UTs) have been brought under the national portability of ration cards with effect from September 1.

Under PM Street Vendor''s AtmaNirbhar Nidhi, 26.62 lakh loan applications were received out of which 13.78 lakh loans totalling Rs 1,373.33 crore were sanctioned.

The Finance Minister said credit boost to 2.5 crore farmers has been achieved through Kisan Credit Cards (KCCs).

 

 

 

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