The festive season has helped a sagging Indian economy revive
Bengaluru: Festivals offer joy to people. At the same time, festivals also provide an opportunity for a comatose economy to revive itself.
The present festive season is a boon as the demand has phenomenally skyrocketed, thereby offering a lot of support for a sagging economy to grow.
During the first half of this year, India has shut down itself, owing to the onset of the pandemic. But as days wear on, statistics easily offset any claims of the economy still being indisposed.
In the month of July itself, there were signs of the economy recuperating itself, but they were gainsaid, attributing the signs to pent-up demands during the lockdown.
But in the following months, the demand has hit the skies, thereby giving a massive impetus to the supply side. Indeed, green shoots of a reviving economy are hard to ignore!
As a corroboration to this resuscitation of the economy, the sale of automobiles in the month of October alone should makes us blissful.
A popular website notes that Hyundai registered a sale of 56,605 units in October, as opposed to 52,001, year-on-year.
It further adds that the sales have been 8.2% higher compared to the last year.
Another automobile giant, Maruti, also recorded phenomenal growth. It has registered a 17.9% growth year-on-year in October.
From selling 1,41,550 units in October 2019, Maruti Suzuki sold 1,66,825 units in October 2020, the website adds.
The GST collections also testify the reviving economy.
The collections this year have crossed the Rs 1 lakh crore mark, registering a 10% hike this year.
“The growth in GST revenue as compared to that in the months of July, August and September 2020, of -14%, -8% and 5% respectively, clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues,” finance ministry said.
In spite of the robust signs, the government is still working hard to provide more fillip to the economy.
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Last Updated Nov 2, 2020, 5:46 PM IST