Minister of finance Nirmala Sitharaman on Thursday said the Indian economy is witnessing a robust recovery after an extended and strict lockdown.
Addressing a news conference to announce more stimulus measures to spice up growth, she said macro-economic indicators are pointing towards recovery.
COVID-19 active cases have declined from over 10 Lakh to 4.89 lakh with case deathrate (CFR) at 1.47 per cent, she said.
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 within the previous month, registering strongest increase in output in on the brink of 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 a mean 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.
RBI has predicted a robust likelihood of Indian economy returning to positive growth in Q3 2020-21, ahead by 1 / 4 from the sooner forecast, she said adding prominent economists have suggested that the rebound isn’t only thanks to pent up demand but also thanks to strong economic process .
