India’s finance ministry has noted emerging ‘green shoots’ in the economy, while acknowledging that the International Monetary Fund has pegged India’s growth for fiscal 2020-21 at minus 4.5 per cent. The department of economic affairs said total digital retail financial transactions via National Payments Corporation of India (NPCI) platforms rose sharply from ₹6.71 lakh crore in April to ₹9.65 lakh crore in May.
Highlighting several data points in its monthly macro-economic report, the department said consumption of petroleum products was up by 47 per cent from 99.37 lakh tonnes in April to 146.46 lakh tonnes in May. Kharif sowing climbed by 104.3 per cent year on year (YoY), with Rabi procurement in full flow with respect to oilseeds, pulses and wheat due to a bumper harvest.India's finance ministry has noted emerging 'green shoots' in the economy, while acknowledging that the International Monetary Fund has pegged India's growth for fiscal 2020-21 at minus 4.5 per cent. The department of economic affairs said total digital retail financial transactions via National Payments Corporation of India platforms rose sharply.#
Electricity consumption saw lower YoY contraction from minus 24 per cent in April to minus 15.2 per cent in May to minus 11.3 per cent in June (until June 28). Total assessable value of e-way bills picked up by a massive 130 per cent in May, compared to April figures, tracking a surge in inter- and intra-state road-based movement of tradable goods.
In June, it further rose by 34 per cent over the preceding month. Sustaining the momentum in economic activity, railway freight traffic improved by 26 per cent in May (8.26 crore tonnes) over April 2020 (6.54 crore tonnes).
Average daily electronic toll collections, yet another indicator of freight movement by road, increased from ₹8.25 crore in April to ₹36.84 crore in May and further to ₹50.9 crore in June (till June 28), the report highlighted.
Goods and services tax (GST) collections for June 2020 was at ₹90,917 crore at gross levels, 46 per cent higher than in May and 181 per cent over April figures.
ALCHEMPro News Desk (DS)
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