Categories: Business

Govt, RBI prompt action helped economy says finance ministry


Finance Minister

new Delhi. The Finance Ministry on Tuesday pointed to signs of early improvement in the condition of agriculture, manufacturing and services sector and said that the rapid policy measures taken by the government and the Reserve Bank to limit the communication and loss of new power in the economy. Has helped The ministry said in a statement that the agricultural sector remains the core of the Indian economy. The economy is expected to get a further boost in view of the expected monsoon to be normal during the year. The statement said, "Although the contribution of the sector to the gross domestic product (GDP) may not be much larger than that of industry and the service sector, the growth of the agricultural sector has a positive impact on the large population that depends on the sector." '

In a statement issued here, the Finance Ministry said, "With this, the announcement of recent historical reforms in the agricultural sector will help to create efficient value addition chains in the region and provide better income to the farmers." Early signs of improvement in the state of the economy have been seen. This is indicated by the indications of actual activities during May and June. There has been an increase in demand for electricity and fuel consumption, in-state and inter-state movement of goods and retail financial business. With this, India has become the second largest personal protective equipment (PPE) kit manufacturer in the world. India achieved this status in just two months and this shows the strength of the manufacturing sector.

The ministry said, "The government and the Reserve Bank took rapid measures at the policy level – both short-term and long-term measures were taken – with appropriate measures to revive the economy with minimal losses." Structural reforms and social welfare measures – the government's commitment at both these levels will further strengthen the signs of visible improvement in the economy. "The Indian government implemented a nationwide lockdown from March 25 to stop the spread of the corona virus in the country." . After that, India took steps towards opening of business activities and services in a phased manner from 1 June. The statement said that the number of people recovering from Corona virus infection with the timely detection, reporting and treatment of infected people is continuously increasing. Today the situation is that of the total cases of corona virus infection, the number of active cases remains at 41 percent.

The statement said that the collective efforts of all concerned will strengthen the resolve of 'Self-reliant India' which will contribute to build a dynamic Indian economy. Regarding the agriculture sector, the ministry said that in the current marketing session by government agencies, the procurement of wheat from farmers reached an all-time record level of 382 lakh tonnes by June 16, 2020. This is higher than the record purchase of 381.48 lakh tonnes recorded for the previous 2012-13. This purchase benefited 42 lakh farmers and they were paid a total of Rs 73,500 crore from the purchase of wheat at the minimum support price. At the same time till 19 June, farmers sowed kharif crops in an area of ​​13.3 million hectares. This is 39 percent more than the wooing done in the same period last year. This time, sowing area of ​​oilseeds, coarse cereals, pulses and cotton has shown good growth.

This post was published on June 24, 2020 6:07 am

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…