India’s economic recovery picks up pace amid COVID-19 pandemic
Goods and Services Tax (GST) collection stood at Rs 95,480 crore in September against Rs 86,449 crore in August
After a big-time economic slowdown because of the COVID-19 lockdown, India’s economic recovery has picked up pace with key indicators like tax collection, manufacturing, auto-sales showing signs of rebound ahead of the festive season.
The data released by the finance ministry revealed that Goods and Services Tax (GST) collection stood at Rs 95,480 crore in September against Rs 86,449 crore in August. The figure was Rs 91,916 crore in September last year.
According to a report by Business Standard, automobile manufacturers showed significant signs of recovery as they dispatched 13 percent more vehicles to dealers in September as compared to the same period last year.
In the manufacturing sector, the purchasing managers’ index (PMI) has given hope for economic revival. The PMI rose to an over eight and a half-year-high of 56.8 in September from 52 in August due to increased orders and production.
The data released by the Reserve Bank of India (RBI) showed that the Unified Payment Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), touched a new high in September.
The Indian Railways also said on Thursday that it arrested the decline in freight traffic to 9 percent in the half-year period ended September at 533 million tonnes (mt).
However, the value of new projects continued to decline in the September quarter even as the country unlocked the economy in phases.