Credible signs of economic growth in September; GST collection up 4% YoY: Finance Ministry

The Finance Ministry on Saturday said there had been credible signs of economic progress in the month of September after the economic slump due to COVID-19 pandemic and the consequential lockdown, adding that the government is always ready to take any further measure necessary to reduce the sufferings of people.

In the last few months of the COVID-19 crisis, the fiscal stimulus and packages to boost the recovery process of the economy have been the prime focus and the government has every possible measure to address the concerns of all the stakeholders and the citizens, by extending help on both the demand and supply side to bring the economy back on track, Finance Ministry said.

The Ministry further listed out measures stating that the steps taken by the government and RBI were helping the economy come out of the crisis situation, as could be seen in the recent GST collections.

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Towards a faster recovery

The ministry also said that it is open to all possibilities and the finance minister is also willing to take any measures necessary to improve the situation that will lead to reducing the sufferings of the people at large.

The phased relaxation of lockdown has led to the economy gaining momentum to be back on track with the GST collection of Rs 95,480 crore in September which is up by 4% year-on-year.

The rail freight revenue earnings were up by 13.5 per cent, power consumption up by 4.2 per cent, and rising tractor sales, healthy monsoons and other growth indicators like PMI manufacturing, the index of eight core industries, E-way bills, exports, Kharif sowing, cargo traffic and passenger vehicle sales, etc., are showing credible upward movement, the ministry contended.

With the improving numbers of September, the Finance Ministry exuded confidence in mitigating the impact of COVID-19 and getting the economy back on track towards a faster recovery.

With the two financial stimulus packages, the Pradhan Mantri Garib Kalyan Package (PMGKP) and the Aatmnirbhar Bharat Package (ANBP) of Rs 20 lakh crore, the government implemented relief measures with 42 crore people receiving direct financial assistance of Rs 68,921 crore including almost 8.94 crore beneficiaries under PM KISAN with two installments of Rs 17,891 crore each. Also, Rs 30,952 crore has been deposited into 20.65 crore women Jan Dhan accounts through Direct Benefit Transfer.

Moreover, 20 crore households are being provided with free pulses at 1 kg per month for eight months and 81 crore beneficiaries are helped with free food grains at 5 kg per beneficiary for 8 months, constituting more than 60% of India's population.

(Inputs and image from PTI)

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