Nirmala Sitaraman – In a recent report finance ministry of India has clean that the green shoots of growth have already started to be visible in the economy. This statement comes as the country acknowledges India’s financial year 2021’s growth stated as a negative 4.5% by the international monetary fund.
The department of economic affairs has claimed that total digital retail financial transactions through NPCI hotels increased 2 rupees 9.65 lakh crore in May from rupees 6.71 lakh crore in April.it also said that the consumption of petrol and petroleum products as increase to 146.46 lakh tonnes in May from 99.37 lakh tonnes in the month of April, marking arise of 47%. The sowing in kharif season also jumped up 104.3% year on year.
Nirmala Sitaraman : According to the report India has become world’s second largest manufacturer of personal protective equipments within just two months and without having any prior arrangements. Electric consumption declined from minus 24% in April to minus 15.2% to minus 11.3% in June as of June 28 2020
Moreover,the Purchasing Managers Index (Manufacturing) has shown an improvement from 27.4 in April to 30.8 in May and to 47.2 in June 2020, the report claims. Adding to the signals is India’s foreign exchange reserves which stand at $505.6 billion as on June 19. They have continued to provide an essential support to external economic shocks to the country in the form of higher FDI, portfolio flows and decreased oil prices. “These green shoots have a conducive policy environment to grow further and nudge the economy early on the path of economic recovery and growth,” the report issues by finance ministry stated.