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| Indian economy on the path of progress with clear signs | | | Prof. Vivek Singh
The Indian economy is creating new records of development. The Indian economy has emerged from the eclipse of the Covid19. The economy is back to pre-Corona Pandemic. 'V' shape recovery is clearly visible, which I have mentioned in detail in my previous articles. The economy of the country is improving, better than expected.
UPI transactions crossed 200 crore mark. UPI transactions in the country were 207 crore in October 2020. ₹3.30 lakh crore were transacted through UPI. In the month of September this year, there were 180 crore UPI transactions. UPI Transactions are showing that the Indian economy is growing very fast.
Foreign exchange reserves at record levels of $ 560.53 billion. India has reached its highest level of foreign exchange reserves. Indian foreign exchange reserves have increased by $ 5.41 billion to $ 560.53 billion for the week ended 23 October 2020. The state of Indian foreign exchange reserves has never been so good. The growing foreign exchange reserves is a positive indicator towards the growing Indian economy.
Vehicle sales soared. 333759 cars were sold in October 2020. In the same month last year, 284048 cars were sold. In October 2020, 18.5 lakh two-wheelers were sold. In October 2020, 14 lakh new vehicles were registered. Vehicle sales are an indicator that customers' purchasing power has increased. This shows that the Indian economy is progressing.
GST collection reached pre-corona level. In October 2020, there was a huge increase in GST collection. GST of ₹ 105155 crores was collected. A GST of ₹ 95379 crore was collected in October 2019. After February this year, such a large amount of GST was achieved in October. GST collection of ₹ 105356 crore was done in February. Our economy has now reached an earlier stage of the Corona epidemic.
Manufacturing PMI index highest since 2007. The highest increase in the manufacturing PMI index occurred after October 2007.
The manufacturing PMI index reached 58.9 in October 2020. The manufacturing PMI index has seen such a huge improvement after 13 years. A PMI index of more than 50 is an indicator of the expansion in economy. A PMI index of less than 50 is an indicator of the contraction in economy.
Steady increase in foreign direct investment. India received FDI worth $ 23.35 billion between April 2019 and August 2019, while in the same period this year India received foreign investment of $ 27.1 billion. Foreign direct investment has increased by 16%. The flow of FDI between 2008 and 2014 was $ 231 billion. FDI inflows during the year 2014 to 2020 amounted to $ 358 billion, representing an increase of 55%.
Profit from foreign trade after years. After years, India has benefited from foreign trade this year. Exports have increased and imports have decreased.
Exports from April to September amounted to $ 221.86 billion. Imports during the same period totaled $ 204.12 billion. Profit from foreign trade during this period stood at $ 17.74 billion.
Increase in diesel demand and toll collection. There has been a huge increase in the demand of diesel in the country and it has reached the previous level of Covid-19. Diesel demand increased by 6.5% in October 2020 compared to the same period last year. 61.7 lakh tonnes of diesel was sold in October 2020, while 57.9 lakh tonnes of diesel was sold in October 2019. A toll collection of Rs 1941 crore occurred in October 2020, which is comparable to the situation before Corona.
13.4% increase in power consumption. 111 billion units of electricity were demanded in the month of October. In the same month last year, electricity consumption was 98 billion units. Electricity consumption has increased by 13.4%, which is a sign of growth in the economy.
GST e-way bill became 4.42 crore in October. The GST e-bill has increased by 21% compared to October 2019. 6.42 crore e-bills were generated in October 2020, while 5.74 crore GST e-bills were generated in September 2020. The more e-bills they generate, the positive impact is on the collection of GST.
In September, the Indian Railways carried 102.1 million tonnes of freight. It increased by 5% in October. Indian Railways carried 108.1 million tonnes of cargo in October.
Reduction in unemployment rate. The unemployment rate has come down considerably in the last few months. The unemployment rate was 23.52% in April, 21.73% in May, 10.2% in June. The unemployment rate has come down to 6.98% in October. The unemployment rate is also steadily decreasing.
The Indian economy is back on track. New records are being made in economic activities. All signs of the economy are positive. The economy is on path of progress. If this continues, India could certainly become a $ 5 trillion economy by the end of 2024. There should be no doubt about it. |
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