Page 25 - NIS English December16-31

e-way bill Increase in Auto sales

generation
tops in October

2020 2019 Annual Growth
40%

16 20%
lTotal production of number of vehicles in all
segments (two-wheeler, three wheeler and four
Figures in Lakh Crore Rs 8 -20% lThis year in October passenger vehicles sales
0%
wheeler) in October was at 2,830,153. The
12
number stood at 2,086,479 in the corresponding
month of the last fiscal

-40%
recorded an increase of 14.19% in comparison
4
with October month of the last fiscal
-60%
lTwo wheelers segment recorded an increase of
16.88 % in October, 2020 in comparison with
-80%
0 Jan Feb March April May June July Aug Sept Oct Nov the corresponding month last fiscal

In October 2020, the highest number of The automobile sector, troubled by very low
bills were generated. That is, after tax sales during the lockdown, has recorded a
payment, goods have been transported sharp growth. The festive season in October
from one place to another. has seen a rise in the number of vehicle sales

back on a high growth trajectory. Worse on the 8.1% to 8.6%. Goldman Sachs and Barclays have
economic front due to COVID-19 seems to be over also improved upon their forecasts. According to
while the recovery leading to double digit growth in a report by Oxford Economics, Indian economy is
next few quarters seems to be on cards. recovering faster than expected. The International
Monetary Fund (IMF) in its latest report on the
IMPROVED RATINGS BY MOODY'S, GOLDMAN world economic scenario has described India as
SACHS AND BARCLAYS the fastest growing economy. According to the
During the Corona period, the growth rate of IMF, growth rate of the Indian economy in the year
the economy reached a negative territory of -23.9 2021 will be at around 8.8 per cent, which will be
per cent. Experts predicted that in second quarter, the highest in the world.
the growth rate would be around -12% but proving
them wrong, the economy stood firmly at -7.5%. A STRATEGIC VICTORY
The contribution of cement, steel, agriculture, Prime Minister Narendra Modi's strategy of
manufacturing sectors played a crucial role in it. As taking challenges head on resulted in India
per Monthly Economic Review of November 2020 becoming a country to tackle Corona satisfactorily
of Department of Economic Affairs, Economy is now in comparison to other countries. It is evident
on a V-shaped recovery track.The Government’s from the fact that the Prime Minister announced
resolve resulted in the positive ratings by global a package of Rs 1.70 Lakh Crore under Pradhan
economic agencies. Moody's has raised India's Mantri Garib Kalyan Yojana only after a day of the
economic growth forecast for the year 2021 from first lockdown on March 25, 2020.

New India Samachar 23