The Economic Condition in India Soon get Revive: Finance Ministry

According to the latest news it has not been too late to show positive sides of COVID-19 lockdown. As stated in the information update by the Finance Ministry, it is learned that ‘green shoots’ have started to come out from the economy that was under the curse of Coronavirus for two and half months. Additionally, by quoting the fastest-growing economy, the Finance Ministry also asserts the International Monetary Fund has pegged India’s Fiscal Year 2021 growth with a slip of 4.5%. To signify the growing economy of India, the department of economic affairs adds stats and figures to display the upliftment more clearly. According to the latest news, the reports claim the total digital retail financial transactions via the NPCI platform shows potential growth from Rs 6.71 lakh crore in April to Rs 9.65 lakh crore in May this year. The press meet also adds that there has been witnessing a rise in petrol laden consumption that has jumped from Rs 99.37 lakh crore in April to Rs 146.46 lakh crore in May. While discussing agriculture, it is seen as a major harvest of Kharif, Rabi crops adjoining with Indian staples like pulses, wheat, and oilseeds. 

By throwing light over the GDP of India today, the reports clearly state that within two months, India has successfully started from the very beginning. Starting from being the World’s second-largest manufacturer for PPE (Personal Protective Equipment) kit. It also adds that post lockdown the scenario has witnessed low electricity consumption from 24% in April to 15.2% in May and 11.3% in June. Contrary to this, with the rising number of digital usage, e-payment and e-billing have been taken up that forecast a rise in numbers to 130% in May. 

Ode to the Green Shoots 

Being the fastest-growing economy among other nations. India has witnessed a large jump of investment post-COVID-19, freight movement by roads also shows a jump with the advancement of e-way billing and electronic toll. Additionally, it was also interesting to see that this has witnessed growth every month since lockdown has commenced, which now claims 30% of growth from the numbers achieved in May. 

Nevertheless, there is another side of the coin too.  With the rising number of GDP of India today, many of the Indian economists fear that there can be a contradiction of growth in the forthcoming fiscal year- 2020-21 with 5%-12%. 

Three Leading Pillars Harnessing Indian Economy

As we are continuously pacing up with the economy of India. According to the information update, it is claimed that there are majorly three sectors that are carrying the complete structure of the economic condition in India presently. These include-Agriculture, Manufacturing, and Services. To the earliest of the report, the Indian Government and the Reserve Bank of India have been applauded by taking its timely decision for curbing the ongoing damage of coronavirus from gnawing our Indian economy at a larger scale. 

A statement from the Indian Finance Ministry claims, “Early Green Shoots of Economy revival has also emerged in May and June with real activity indicators like electricity and fuel consumption, inter and intra-state smooth movement between states, retail financial transactions witnessing pick-up. The statement also adds as the government and RBI took prompt policy measures in both long-term and short-term to revive the economy of India 2020, better days are about to come soon.