Categories: Business

Good News: Early signs of improvement showing in economic conditions, situation will be further ahead

Photo: PTI

Green shoots of economic revival have emerged, will grow further

new Delhi. The government said that there are signs of improvement in various sectors of the economy. Further rapid reform is expected in the coming times with favorable policy measures to bring the economy affected by the Corona virus crisis on the path of improvement and growth. According to the International Monetary Fund (IMF) report released in June, India's growth rate has been estimated to be below 4.5 percent. This is 6.4 percentage points lower than the IMF estimate released in April 2020.

According to the macroeconomic report released by the Department of Economic Affairs for the month of June, the IMF lowered the global growth forecast by (-) 4.9 percent, given the uncertainty over the Kovid-19 transition and the macroeconomic slowdown in other countries around the world. have make. This is 1.9 percentage points lower than in April 2020. According to the report, however, there are early signs of improvement in the economic situation in May and June.

Areas such as electricity and fuel consumption, movement of goods within one state and from one state to another, retail financial deals are being seen. It added that the country's foreign exchange reserves reached $ 505.6 billion on June 19, due to increased foreign direct investment (FDI), increased portfolio investment and softening oil prices. This will help in dealing with any type of external shock.

According to the report, the Gross Goods and Services Tax (GST) collection also stood at Rs 90,917 crore in June, an increase of 46 percent over May and 181 percent over April. According to this, the policy environment was favorable with the move of Government and RBI in March. Both managed to correctly assess the economic softening in the wake of the outbreak. In addition to this, the stimulus package, along with changes in the economic policy front, has given impetus to reforms at a time when the Kovid-19 crisis has distorted the fiscal position of the government and affected the spending capacity of the people.

This post was published on July 7, 2020 9:00 am

Content Team

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