From tax collection to car sales, India's economic recovery picks up pace

Automobile manufacturers showed significant signs of recovery as they dispatched 13 per cent more vehicles to dealers in September as compared to the same period last year
Good tidings for economy as key indicators like tax collection, manufacturing, car sales show signs of a rebound ahead of festive season; some sectors still lag.


GST mop-up at 7-month high


In a significant rebound, goods and services tax (GST) collection posted growth in September after six months of contraction, indicating a return to normalcy in economic activities after months of disruption caused by lockdown. GST collection stood at Rs 95,480 crore in September against Rs 86,449 crore in August, the data released by the finance ministry showed on Thursday. The collection stood at Rs 91,916 crore in September last year. Read more…


Auto firms raise dispatch, eye bumper festive sales


Automobile manufacturers showed significant signs of recovery as they dispatched 13 per cent more vehicles to dealers in September as compared to the same period last year. Tractor sales also increased, with largest tractor player Mahindra & Mahindra (M&M) selling 18 per cent more farm equipment — indicating that a good monsoon is driving the rural economy. Read more…


Manufacturing PMI grows fastest in 8 years


The purchasing managers’ index (PMI) has given hope for economic revival, at least in the manufacturing sector. However, the job scenario remained bleak due to social-distancing norms. The PMI rose to an over eight and a half-year-high of 56.8 in September from 52 in August due to increased orders and production. Read more…


Railways back on track, stems fall in freight traffic to 9%


The Indian Railways on Thursday said it arrested the decline in freight traffic to 9 per cent in the half-year period ended September at 533 million tonnes (mt). The April-June quarter with 241 mt freight volume was a washout for the Railways due to the lockdown, registering a 21 per cent decline. Read more…


UPI hits Rs 3.3-trn transactions in Sept


Unified Payment Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI), touched a new high in September, the data released by the RBI shows. Read more…


New projects down 82% in Sept quarter


The value of new projects continued to decline in the September quarter even as the country unlocked the economy in phases. September quarter saw new projects worth Rs 0.59 trillion, down 81.9 per cent over the same period last year, according to the data from project tracker Centre for Monitoring Indian Economy (CMIE). This is also 14.5 per cent lower than the June quarter’s Rs 0.69 trillion. The country had announced lockdown in March to control the Covid-19 pandemic. The unlocking began on June 8.  Read more...

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