Page 27 - NIS English December16-31

Industry earnings better than expected Foreign exchange reserves at

record high
Profit increase after tax Operating profit Operational difference
Figure in % 575

24 23 17.9 26 18.4 493 507 534 541 542 561

14.3 14.4 13.2 13 471 481 475 479

8 8
-25 -2 -25 -3

September October September
2019 2019 2020

JAN FEB MARCH APRIL MAY JUNE JULY AUG SEPT OCT NOV
- BILLION DOLLARS IN THE YEAR 2020
March June
2020 2020 Foreign Exchange Reserves has reached new
Companies register 26 per cent increase in profits, heights. It has reached a record figure to $575
against an estimate of -2.1 per cent. Along with Billion. This is the highest ever. The gold reserves
automobiles sector, IT, pharmaceutical and cement too rose by $1.328 Billion
companies have registered strong growth in profits.

Steady growth in agriculture Record increase in FDI

n Agriculture is the backbone of the Indian n Despite the Corona crisis, the country has
economy. In the Corona period, a growth in received FDI worth $27.1 Billion in April-
this sector has been recorded. In the first half August of 2020-21. This is 16 per cent higher
of FY 2020-21, exports of agricultural products than the investment of $23.35 Billion in the
too have registered a growth of 43.4 per cent corresponding period of 2019-20
n Not only this, the production of foodgrains n According to the Ministry of Commerce and
in the country is estimated to be 298 million Industry, the total FDI in reinvestment during
tonnes this year, which was 285.21 million this period increased by 13 per cent to $35.73
tonnes in 2018-19 and 291.95 million tonnes Billion, as compared to $31.60 Billion in the
in 2019-20 first five months of FY 2019-20

n The production of pulses was 23.02 million n 55% increase in total FDI inflows in 2014–20
tonnes last year, while 25 million tonnes is compared to $231.37 Billion in 2008–14
expected this year

accounts of the people, Samman Nidhi for farmers, the potential to drive growth. This sector, with a
generating employment for migrant labourers at contribution of 15 per cent to GDP and a 12 per
their doorsteps and good GST collection indicate cent share in the country's working population, has
that economy is on a right trajectory. manifold impact on around 250 industries.
MANUFACTURING SECTOR IS BECOMING A The Government has taken significant steps to
KEY FOR DEVELOPMENT make India a manufacturing hub of the world with
One of the important growth engines of the the allocation of about Rs 1.5 Lakh Production-
economy is manufacturing sector, which has Linked Incentive Scheme (PLI) for 10 sectors. The

New India Samachar 25