13 C
Delhi
Friday, December 4, 2020

September data showing “credible signs” of eco growth: FinMin

- Advertisement -

Top takeaways in MSME Economic package announcedNew Delhi (PTI) The Finance Ministry on Saturday said the month of September has exhibited “credible signs” of economic growth towards normalcy and the government is not averse to taking any further measures to ameliorate the suffering of people.

It said during the last six months of COVID-19 crisis, while pushing the fiscal stimulus and packages to boost recovery process of the economy it has taken every possible measure to address the concerns of all the stakeholders and the citizens and has progressively extended help on both the demand and supply side to bring the economy back on track.

“Earnest efforts made by the government in last few months during coronavirus period have now started showing the green shoots and the month of September has exhibited credible signs of economic growth towards normalcy,” the ministry said in a statement.

The ministry further said that to minimise COVID-19”s impact on the economy and people”s livelihood, the government is open to all possibilities and “the Finance Minister is not averse to taking any further measures to ameliorate suffering of people”.

It said with phased relaxation of lockdown, the economy is gaining encouraging momentum. Increased business activities are imparting positive recovery of the economy as is evident in the month of September when the GST collection with Rs 95,480 crore was up by 4 per cent in the month (year-on-year).

It said rail freight revenue earnings were up by 13.5 per cent, power consumption up by 4.2 per cent, and rising tractor sales, healthy monsoons and other growth indicators like PMI manufacturing, the index of eight core industries, E-way bills, exports, kharif sowing, cargo traffic and passenger vehicle sales, etc., are showing credible upward movement.

READ ALSO:  Centre to soon announce another round of stimulus: Official

“All this makes the ministry confident that its effort to mitigate impact of Covid-19 are on the right track towards faster recovery of economy to normalcy,” the ministry added.

The government has effectively implemented two major stimulus packages — the Pradhan Mantri Garib Kalyan Package(PMGKP) without delay post lockdown on March 16, 2020, and the Aatmnirbhar Bharat Package (ANBP) of Rs 20 lakh crore on May 12, 2020, which was a “judicious mix” of fiscal and monetary policies to mitigate the negative impact of COVID-19 on the economy.

The government implemented several measures under these packages which include relief measures for households and cash transfers to senior citizens, widows, disabled, women Jan Dhan Account holders, farmers; insurance coverage for workers in the healthcare sector; and wage increase for MGNREGS workers.

The ministry”s relief efforts during COVID-19 provided 42 crore people with direct financial assistance of Rs 68,921 crore. It included almost 8.94 crore beneficiaries under PM KISAN with two instalments of Rs 17,891 crore each.

Further, Rs 30,952 crore has been deposited into 20.65 crore women Jan Dhan accounts through DBT.

Around 1.82 crore construction workers received financial support amounting to Rs 4,987.18 crore, and 40.59 lakh members of EPFO took online withdrawal benefit of the non-refundable advance amounting to Rs 10,615 crore.

Also, 20 crore household are being provided with free pulses @1 kg/month for eight months and 81 crore beneficiaries are helped with free food grains at 5 kg per beneficiary for 8 months, which constitutes more than 60per cent of India”s population.

READ ALSO:  Real estate market still operating with Large cash transactions

Under MGNERGS total allocation has been raised to Rs 1,01,500 crore for this year by making additional provision of Rs 40,000 crore. Besides, the Ministry has introduced relief measures for MSMEs such as collateral-free lending with 100 per cent credit guarantee, also eased compliance burden of taxpayers by postponing of tax-filing deadlines, reduction in penalty interest rate for overdue GST filings.

“The Centre has continued to lend unflinching support to State Governments towards faster economic revival, the ministry said.

Despite the pandemic and the consequent fall in gross tax revenue, Rs. 2,17,976 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India in the first five months of FY 2020-21 which is only Rs 37,629 crore lower than the previous year.

Also, the Centre has already raised the borrowing limit of states from 3 per cent to 5 per cent of GDP to cope with pandemic induced requirement of higher expenditure.

As per recently announced, the borrowing programme of the Government of India Rs. 4.34 lakh crore for the second half of FY 2020-21 is expected to be completed by January 2021 to help generate sufficient space to manage the borrowing programme of the State Governments smoothly, the ministry added.

Further, Rs 1,25,412 crore collateral-free loan has already been disbursed to more than 25.63 lakh businesses in just four months. PTI JD MR MR

READ ALSO:  Impossible to predict when COVID-19 pandemic will be controlled: WHO
India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

Corporate India gradually reverts to normalcy from Q2FY21: ICRA

New Delhi, Dec 2 (IANS) The Indian corporate sector has witnessed a gradual recovery back to normalcy after experiencing major Covid-19 pandemic induced disruptions...

RBI to maintain accommodative stance in the upcoming monetary policy review

By Rohit Vaid, Dec 1 (IANS): Faster-than-anticipated economic recovery during Q2FY21 along with healthy macro-economic data points will persuade the Reserve Bank of India...

Faster GDP recovery, healthy fund flows lift markets

Mumbai, Dec 1 (IANS) Better-than-expected recovery in Q2FY21 GDP, along with healthy GST collection numbers as well as in-line automobile sales’ figures, pushed the...

I hope next quarter will take GDP in plus direction: Shah

Gandhinagar, Nov 30 (IANS) Union Home Minister Amit Shah on Monday said he hoped that the next quarter of the financial year will take...

India officially enters recession, but contraction in Q2FY21 GDP recedes

New Delhi, Nov 27 (IANS) Even though India's economic recovery accelerated in Q2FY21 from the lows of the pandemic-induced lockdown, the country, for the...

PSUs hit 39% of FY21 CAPEX target, FM calls for more efforts

New Delhi, Nov 27 (IANS) Central Public Sector Enterprises (CPSE) have achieved 39.4 per cent of their capital expenditure (CAPEX) target with an expenditure of...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

What does the PM stand by: Rahul quizzes govt over Covid vaccination

New Delhi, Dec 3 (IANS) Former Congress Chief Rahul Gandhi took a swipe at the Centre by highlighting the differing stance of the BJP...

What does the PM stand by: Rahul quizzes govt over Covid vaccination

New Delhi, Dec 3 (IANS) Former Congress Chief Rahul Gandhi took a swipe at the Centre by highlighting the differing stance of the BJP...

Amarinder to take first Covid-19 vaccine shot in Punjab

Chandigarh, Dec 2 (IANS) With the Covid-19 vaccine in the final stages of operationalisation in India, Chief Minister Amarinder Singh on Wednesday said he...

May vaccinate those infected with Covid or having its antibodies: Govt

New Delhi, Dec 1 (IANS) The Union Health Ministry hinted on Tuesday that the people infected with Covid-19 or those who have recovered and...

Centre: homeopathic drugs permitted as add-on treatment in Covid; SC says will clarify

New Delhi, Dec 1 (IANS) The Centre on Tuesday informed the Supreme Court that Ministry of Ayush has permitted the homeopathic medical practitioners to...

Vaccine will not be released for mass use unless proven immunogenic: Serum Institute

Chennai, Dec 1 (IANS) Vaccine development company Serum Institute, India on Tuesday said the Covidshield vaccine will not be released for mass use unless...

Trending News In India

Cyclone Burevi: Shah dials TN, Kerala CMs, assures support

New Delhi, Dec 3 (IANS) Union Home Minister Amit Shah on Thursday spoke with Chief Ministers of Tamil Nadu and Kerala in the wake...

Accepting less than scrapping farm laws will be deceit to farmers: Rahul Gandhi

New Delhi, Dec 3 (IANS) The Congress has stepped up the demand of immediately scrapping the farm laws in the wake of the farmers’ protest...

ED searches 26 locations in 9 states linked to PFI

New Delhi, Dec 3 (IANS) The Enforcement Directorate (ED) on Thursday carried searches at 26 premises in nine states linked to Popular Front of...

Farmers put 5-point set of demands in 4th round talks, seek new MSP law

New Delhi, Dec 3 (IANS): A group of more than 34 farmer leaders put out a five-point set of demands that seeks to frame a...

Time has come to change fate of TN: Rajinikanth

Chennai, Dec 3 (IANS) Time has come to change the fate of Tamil Nadu, while political and government change in the state is important...

Petrol, diesel become dearer after OMCs raise retail prices

New Delhi, Dec 3 (IANS) Oil marketing companies on Thursday increased the prices of petrol and diesel after keeping the retail prices unchanged for...

Trending Showbiz

John Abraham is PETA India’s Person of the Year

Mumbai, Dec 2 (IANS) Bollywood actor John Abraham has been named the Person of the Year for 2020 by the People for the Ethical...

Yogi promises world class film city, opens doors for investment

Mumbai/Lucknow, Dec 2 (IANS) Uttar Pradesh Chief Minister Yogi Adityanath said on Wednesday that the proposed film city in Noida would offer ‘world class’ facilities to the entertainment...

Lionsgate Play arrives in India to take on Netflix, Amazon Prime

New Delhi, Dec 2 (IANS) Starz, one of the leading premium global streaming platforms, on Wednesday launched its independent direct to consumer over-the-top (OTT) app...

Hansal Mehta decodes why sports-based films do well

New Delhi, Nov 30 (IANS) Filmmaker Hansal Mehta, who is currently riding high on the success of his new sports drama Chhalaang, has revealed...

Babuji left me his life and works, says Amitabh Bachchan

Mumbai, Nov 30 (IANS): Iconic actor Amitabh Bachchan says his life and work is nothing compared to the legacy of his father and late eminent...

Trending Sports

Indian team can now compete against ‘high-profile opponents’: Ashalata

New Delhi, Dec 2 (IANS): India captain Ashalata Devi feels women's football in the country has come a long way forward where they can compete...

India 6th on Super League table, Australia climb to top

Canberra, Dec 2 (IANS) Australia jumped to the top of the ICC Men’s Cricket World Cup Super League points table after their 2-1 win...

Pandya, Jadeja power India to 13-run win, avoid whitewash

Canberra, Dec 2 (IANS) India, riding on a 150-run partnership between Hardik Pandya and Ravindra Jadeja for the sixth wicket and a three-wicket haul...

Michael Schumacher’s son Mick to race F1 for Haas in 2021

New Delhi, Dec 2 (IANS) The Schumacher name will make a racing return to Formula One next year as Mick Schumacher -- son of...

Bowlers found difficult to adapt from T20 to 50-over format: Iyer

Canberra, Dec 1 (IANS) Middle-order batsman Shreyas Iyer has admitted that the Indian bowlers have struggled to adapt to the 50-over format from the...

India look to avoid first ‘whitewash’ vs Aussies in 20 years

New Delhi, Dec 1 (IANS) Indian bowlers will have pride to play for and also gain some confidence ahead of the T20 and Test...

Latest Trending News In India

Rabi crop sowing to be 2% more than all-time high levels

New Delhi, Dec 3 (IANS) The good performance of the agricultural sector during the Covid-19 pandemic is expected to result Rabi crop sowing (corresponding...

Accepting less than scrapping farm laws will be deceit to farmers: Rahul Gandhi

New Delhi, Dec 3 (IANS) The Congress has stepped up the demand of immediately scrapping the farm laws in the wake of the farmers’ protest...

ED searches 26 locations in 9 states linked to PFI

New Delhi, Dec 3 (IANS) The Enforcement Directorate (ED) on Thursday carried searches at 26 premises in nine states linked to Popular Front of...

Farmers put 5-point set of demands in 4th round talks, seek new MSP law

New Delhi, Dec 3 (IANS): A group of more than 34 farmer leaders put out a five-point set of demands that seeks to frame a...

Time has come to change fate of TN: Rajinikanth

Chennai, Dec 3 (IANS) Time has come to change the fate of Tamil Nadu, while political and government change in the state is important...