The problems of the Modi government and the common man are now coming down. After the lockdown, now with the return of the economy slowly, revenue collection has started increasing. The GST collection in October this year reached Rs 1.05 lakh crore, which is 10 per cent more than the revenue collected in the same month of the previous year. At the same time, increasing sales of vehicles, it is clear that people are recovering from the financial crisis. A double digit increase in electricity consumption has been registered in October. This is a sign of increasing demand for commerce and industry in the country. In September, the manufacturing and services PMI improved to 56.8 and 49.8 respectively.
GST collection crosses 1 lakh crore for the first time in 8 months
The Finance Ministry stated that the total number of GSTR-3B returns filed till October 31, 2020 has reached 80 lakhs. The statement issued said that the total GST collection in October 2020 stood at Rs 1,05,155 crore. This includes CGST’s share of Rs 19,193 crore, SGST’s Rs 5,411 crore, IGST’s Rs 52,540 crore (this includes a collection of Rs 23,375 crore on import of goods) and a cess of Rs 8,011 crore (Rs 932 crore on imported goods). . The GST collection stood at Rs 95,379 crore in October 2019. Due to the lockdown imposed to prevent the spread of the Kovid-19 pandemic, the GST collection data remained below the level of Rs 1 lakh crore for several consecutive months.
Sales of vehicle companies caught pace
Vehicle sales have regained momentum in the festive season, recovering from the Corona crisis. Sales of companies such as Maruti Suzuki India (MSI), Hyundai and Tata Motors have been better in Navratri this year compared to the same period last year. These companies say that during Navratri this year, their sales have increased due to the suppressed demand of the last few months.
Sales of Kiya Motors, Toyota Kirloskar Motor, Mahindra & Mahindra and Honda Cars have also been good during the ten-day (including Dussehra) period of Navratri. Sales of Maruti, the country’s largest car company, rose by 27 percent to 96,700 units in Navratri. Hyundai Motor India’s retail sales rose 28 percent to 26,068 units in Navratri. Tata Motors sold 6,641 utility vehicles and 4,246 cars. Last year, the company sold 3,321 cars and 2,404 unit vehicles during this period.
Maruti’s sales up at 1,82,448 units
Sales of the country’s largest carmaker Maruti Suzuki India (MSI) rose 18.9 percent to 1,82,448 units in October. Kia Motors sales rose 224 percent to 11,640 units. At the same time, sales of Toyota Kirloskar Motors also jumped. Toyota Kirloskar Motors sales are around 5,000 units, up nearly 13 percent from the same period last year. Our bookings in the SUV category increased 41 percent on Mahindra & Mahindra’s Year Navratri. Honda Cars India has seen a 10 percent increase in retail sales. MG Motor India’s retail sales rose six percent to 3,750 units in October.
Petrol, diesel demand better than expected
Petrol and diesel demand in the country has reached pre-Kovid levels and sales of these products grew by 6.6 percent in October. According to industry preliminary data, this is the first annual increase in diesel sales since the lockdown was imposed in late March to prevent the Kovid-19 pandemic. Similarly, petrol demand was higher than diesel due to preference of private vehicles over public transport, but October sales figures were unexpectedly better than expected. According to industry data, the demand for diesel came back to normal after the start of the festive season. According to the data, diesel sales rose to 61.7 lakh tonnes in October from 57.9 lakh tonnes in October.
Electricity consumption rose 13.38 percent in October
The country’s electricity consumption increased by 13.38 percent to around 111 billion units in October this year. The main reason for this is the increased demand for electricity from industrial and commercial activities. According to data from the Ministry of Power, the country’s electricity consumption stood at 110.94 billion units in October. In October last year, this figure was 97.84 billion units. In the last month, electricity consumption in the first 15 days was up 11.45 percent to 55.37 billion units. The country’s electricity consumption was 49.67 billion units in the same period of October 2019. Experts said electricity consumption recorded a double-digit increase in October. This is a sign of increasing demand for commerce and industry in the country. This situation will get better in the coming months. According to the data, the demand for power sector started showing improvement in September after a gap of six months. Electricity consumption increased by 4.6 percent to 112.43 billion units in September from 107.51 billion units in the same month last year.
India’s strategy to tackle Kovid-19 succeeds: FICCI
Industry chamber FICCI has stated that India’s strategy of dealing with Kovid-19 has proved to be right and the economy will soon return to track and emerge stronger. FICCI President Sangeeta Reddy said that the time has come to take sterner steps and push forward the growth agenda. Reddy said, “There has been confusion among governments around the world to strike a balance between conservation of life and livelihood.” India imposed a strict lockdown and focused on saving human lives while advancing health infrastructure. This strategy has yielded true results. He said that attention was given to better treatment, creation of medical infrastructure, increase in supply of PPE. This allowed us to control the mortality rate.