Page 24 - NIS English December16-31

Cover Story
Economy

GST collection for the first time crosses
Rs 1 lakh crore in the last 8 months

Collection was over 10 percent in 80 lakh GSTR-3B returns filed in
the same month last year the month of October 2020

GST collection from April till now `1,05,155 Crore `1,04,963 Crore

`90,917 `87,422 `86,449 `95,480 Crore
Crore Crore Crore

`62,151

Crore

`32,172 For the first time since February, GST
Crore collections both in October and November
crossed Rs 1 Lakh Crore which is a major
indicator of an increase in economic activity.
Business activities have been restored after
April May June July Aug Sept Oct Nov all restrictions have ended
According to the IMF, the economic package of Rs 29

Lakh 87 Thousand Crore given in three phases under
the AatmaNirbhar Bharat Campaign supported the Indian
economy. This package is 15% of India's GDP

over the same period last financial year. Healthy it was at 53.7 which indicates strong recovery.
FDI inflows would give a big fillip to ‘Make in India’ Overall economic performance was better than
for the world campaign call given from ramparts expected given that the contraction was limited to
of Red Fort on August 15 this year. Evolving India 7.5 per cent in July-September 2020 as against
as an industrial hub for the world is yet another 23.9 per cent in the previous quarter. Given that
project that’s underway. the economy was on a firm recovery mode, most
In continuation, it’s rather encouraging to note that independent consultancies have projected that the
coal (11.6%), electricity (10.5%), fertilizers (6.3%) GDP contraction for the entire financial year would
and cement (2.8%) sectors have posted healthy be much lower than earlier estimates.
growth in October 2020 vis-à-vis performance in Care Ratings, Nomura, ICRA, HDFC, IDFC
the same month a year ago. Various indicators like First, QuantEco and Brickwork Ratings were some
bumper harvest of Kharif crops, increase in the of the companies that ventured out to revise their
consumption of electricity, rail freight collections, earlier gloomy picture on the economic front. After
swelling automobiles & two wheeler sales, better the second quarter recovery, these ratings have
toll, GST mop up reaching pre-COVID period are estimated that the economic contraction would
signalling firm economic recovery. be much lower at 7–9 per cent as against earlier
The Manufacturing PMI in October was 58.9 projection of 8.2–11 per cent.
and in November it was 56.3 which indicates Going forward most economists have estimated
decade's strongest recovery. The PMI of services that the economic growth would be over 10 per
sector too raised to 54.1 in October. In November, cent 2021-22 which is very robust, putting India

22 New India Samachar