Union Finance Minister Nirmala Sitharaman in series of announcements under Atmanirbhar bharath package speaking at a press conference today said
Moody’s today have come out with the numbers for Indian economy saying that earlier they projected India’s growth at -9.6% for 2020-21 and now after reassessment they corrected that India will probably grow at -8.9%.
Also for the FY 2021-22 after reassessment India’s growth will probably be at 8.6% whereas earlier it was 8.1%.
FM has put out data indicating state of economy & the strong recovery, below is the following data :
Composite Purchase Managers Index (PMI) rose to 58.9 in Oct vs. 54.6 last month, registering strongest increase in output in close to nine years.
• Energy consumption growth trended higher in October at 12% YoY.
• GST collections for October grossed Rs 1.05 lakh crore – 10% YoY.
• Daily railway freight tonnage grew by an average 20% YoY vs 12% in the previous week.
• Bank credit YoY growth improved by 5.1% on 23rd October ’20.
• Forex Reserves – USD 560 billion.
• FDI inflows Apr-August at USD 35.37 billion – 13 % rise YoY.
• RBI predicts a strong likelihood of Indian economy returning to positive growth in Q3:2020- 21, ahead by a quarter of the earlier forecast.
Also additional Support for Agriculture
Rs 65,000 crores for subsidised Fertilisers is announced under Atmanirbhar bharath 3.0 package.
• Fertiliser consumption which was 499 lakh MT in 2016-17 is expected
to increase to 673 lakh MT in 2020-21.
• Increased supply of fertilisers at subsidised rates will help 140 million
• Rs 65,000 crores being provided to ensure adequate availability of
fertilisers to farmers to enable timely availability of fertilisers in the
upcoming crop season.