Economy Is Recovering Rapidly From July, After The First Quarter

Economy is recovering rapidly from July, After the first quarter, the process of unlocking is getting a benefit: The Ministry of Finance. In the first quarter (April-June) of the current financial year, the Finance Ministry is optimistic about the future, amid disappointment from the fall of 23.9 percent.

The Finance Ministry claims that the process of unlocking the economy took effect from July and the economy is now recovering in We Shape. A report in this regard was released on Friday by the Department of Economic Affairs, Ministry of Finance.

According to the report, the signs of V shape recovery are auto sales, tractor sales, fertilizer sales, railway freight, steel consumption, and production, cement products, electricity consumption, e-way bills, GST revenue collection, highways Daily toll collection, retail level financial transactions, manufacturing PMI and major industry performance and exports are being met.

The ministry says that the production levels of all these have reached or exceeded that level around July-August last year. Automobile sales, which declined from April to June this year, registered an increase in the month of August. Sales of passenger vehicles increased by 20 percent in August.

Tractor sales also increased. Sales of two-wheelers also increased by 7-8 percent over the previous year. With the strengthening of agriculture and rural economy, the production of fertilizers is continuing to increase from the last three months as compared to last year. In March this year, 52,362 tractors were registered, which increased to 66,061 in August.

According to the Finance Ministry report, 9.52 million tonnes of goods were transported in July this year, which is around the same period of last year. In July of last year, 9.97 million tonnes of goods were transported. In the first 20 days of August, 56.6 million tonnes of goods were transported.

According to the Finance Ministry, 79 lakh passenger bookings were canceled in April this year, compared to 1.46 crore passenger bookings in July this year. In May this year, only 2.8 lakh passengers traveled by air. In July this year, the number of air travelers increased to 21.1 lakh. In July this year, steel production was 74.02 lakh tonnes and cement production was 242.47 lakh tonnes.

In July last year, steel production was 86.13 lakh tonnes and cement production was 280 lakh tonnes. According to the ministry, electricity consumption reached 97 percent in August last year. In August, 13.8 lakh crore ewe bill was generated, which is equal to 97.2 percent of the previous year.