Finance Minister Nirmala Sitharaman said that after a long and stringent lockdown, the condition of the Indian economy is witnessing tremendous improvement. He said in a press conference held to announce some more incentives to boost the economy, the macroeconomic indicators are pointing towards an improvement in the situation.
PMI index improved
Sitharaman said that the active cases of Kovid-19 in the country were more than 10 lakhs at one time, while now these cases have come down to 4.89 lakhs and the death rate has come down to 1.47 percent. Giving details of the improvement in the economy, he said that the Composite Purchasing Managers’ Index (PMI), indicating the pace of business growth of companies, rose to 58.9 in October from 54.6 in the previous month.
GST collection increased
He said that energy consumption increased by 12 percent during October, while the collection of Goods and Services Tax (GST) increased by 10 percent to more than Rs 1.05 lakh crore. Has increased at the rate of.
Bank loan reform
He further said that bank lending has also improved by 5.1 percent. Earlier, on Wednesday, the government had approved production-based incentive schemes worth Rs 2 lakh crore for 10 more sectors with an intention to boost domestic manufacturing.
Benefit of production based incentive scheme
The benefits of the production-based incentive scheme will benefit investors in industries such as refrigerators, washing machine products, pharmaceuticals, special types of steel, vehicles, telecommunications, textiles, food products, solar photovoltaic and mobile phone batteries.