BJP Press Statement issued by BJP National Spokesperson Sh Gopal Krishn Agrawal
Several Data today point towards healthy recovery in the domestic economy all round, whether Automobile, banking, FMCG, rural sector, oil, manufacturing etc. Our governments concerted efforts under the dynamic leadership of Prime Minister Shri Narendra Modi ji are bringing positive results.
Major economic indicators form the month of October' 2020 points towards healthy recovery and show that the economy is moving in the right direction.
The GST collection for the month of October was 1.05 lakh crore, crossing more than a lakh crore, which is 10 percent higher than the last year, YOY basis, providing lot of resources to the Centre and States. it’s a very healthy sign of economic recovery as it covers many economic activities and points towards increased activities.
Purchasing managers index (PMI) for manufacturing sector shows a rise of 58.9, which is highest in the last 13 years on month on month basis. Any figure above 50 indicates expansion in manufacturing. For the September month also it was at 56.8 , highest for last 8 months. The PMI index incorporates the real macroeconomic indicators like power demand, traffic movements, rail freight, etc. showing a very healthy sign of V shaped economic recovery.
Second quarter corporate sector results across all segments also show remarkable positive growth in, profit after tax for more than 470 companies.
Electricity generation has shown 19.8 percent year on year growth.
UPI digital transactions have crossed 2 billion mark, which is 82 percent higher than last year.
More than 60 percent of our population is engaged in the agriculture sector and rural economy. Healthy GDP growth rate of 3.4 percent in the agriculture sector is sign of good days ahead. The large population of India of about 137 crore in itself generates huge demand and is a big market for domestic as well as foreign manufacturers.
Core Industries Index, which is based on 8 core industries of Coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity having weight age of 40 % in Index of Industrial Production (IIP) numbers has also recovered to 119.7 for the month of September'20 from 81.2 in April'20 and has reached to level almost equal to September'19 figure of 120.7.
Our FM has said that we are not resting on the positive economic indicators and are working hard to make the numbers even better for future. Our Prime Minister's initiatives on recent reforms in agriculture sector and labour laws will also boast the rural economy further. New industrial policy, retail trade policy, logistical policy and many more initiatives are in the pipeline under Atma Nirbhar Bharat, they will help in boasting our economy further.
Shri Narendra Modiji visionary leadership is very focused and vigilant about the requirements of different sectors and the government's support with timely intervention is always on card.
Foreign Direct Investment (FDI) at the global level has shown a fall of about 45 percent, but India is continuously seeing an increase in FDI, our foreign exchange reserve has crossed $ 560 billion, indicating global investors confidence in the Indian economy.
The balance of trade is also in the positive territory after several decades, bringing out positive results of the government policies on reworking of Free trade agreements (FTA) and increasing support to domestic industries through increasing import duties and anti dumping duties.
Fiscal stimulus package announced under Atma Nirbhar Bharat for more than 21 lakh crore was not the only one time package but the government has said that it was a part of series of announcement and in future also government will continue to support sectors on need basis.
The government is focused on economic reforms. Prime Minister has said that we are confident that our target of turning India into a $5 trillion economy by 2024 will be achieved positively. We are sure that our economy is poised for fast V shaped recovery.
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