Finance Minister Nirmala Sitharaman started her address at a press conference at 12:30 pm on Thursday at the National Media Center in New Delhi. All eyes are set on the press conference as the India awaits announcements on a much-needed fresh round of stimulus to aid growth in the economy. The package would follow Wednesday's announcement of production-linked incentives (PLI) worth Rs 1.46 lakh crore over five years for manufacturers in 10 sectors.
Nirmala Sitharaman projected that Macros Indicate Strong Recovery. Following points are announced: There is a strong recovery in economy and the Covid-19 situation is also easing. Energy consumption has increased 12 percent on year-on-year basis.
GST collection has also increased 10 percent year-on-year for the month of October. Daily freight tonnage has also increased 20 percent year-on-year.
Bank credit grew 5 percent year-on-year as on October 23, 2020
Net Foreign Portfolio investment is positive
Forex is like never before at USD 560 billion. Reserve Bank of India will give out monthly report on economic condition and it is anticipated that a strong rebound will be witnessed in Q3 itself and the revival is not just owing to pent-up demand, it will be a sustainable rebound.
COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 per cent, Sitharaman said. Giving out details of recovery, she said composite purchasing managers index (PMI) rose to 58.9 percent in October versus 54.6 percent in the previous month, registering strongest increase in output in close to nine years.
Energy consumption growth trended higher in October at 12 percent year-on-year, while GST) collections have grown 10 percent to over Rs 1.05 lakh crore. Daily railway freight tonnage grew by an average 20 percent year-on-year versus 12 percent, she said adding bank credit has improved 5.1 percent.
Also, foreign direct investment (FDI) inflows in April-August at USD 35.37 billion has seen a 13 percent rise on a year-on-year basis. has predicted a strong likelihood of Indian economy returning to positive growth in Q3 2020-21, ahead by a quarter from the earlier forecast, she said adding prominent economists have suggested that the rebound is not only due to pent up demand but also due to strong economic growth.
Finance Minister Nirmala Sitharaman to hold press conference at 12:30 pm
Union Cabinet approves PLI worth Rs 2 lakh cr for 10 sectors
