Is the Indian Economy Bouncing Back? Trends Suggest So
The Indian economy has begun to show signs of recovery with the automobile sector witnessing a big jump in sales. Read ahead for more.
The Indian economy has begun to show signs of recovery amid the losses faced during the Pandemic. After the big jump in sales in the automobile sector, the Indian economy has started showing signs of recovery. The GST collection has been the highest since February. Meanwhile, experts are viewing the current jump in consumption with caution.
Nilesh Shah, MD & CEO of Kotak Mutual Fund, said that the data which is coming out suggests that the economy is recovering slowly and steadily. The power consumption in October is up by 30% which means that the factories are working, the cargos are moving and so the businesses have revived. He added, “The demand might be festive demand, but the business needed to be kickstarted and so far the momentum is positive.” He also addressed the stock market and said that it is reviving and according to him, everything is in the right direction.
UPI transactions have exceeded the two billion mark in October, as tweeted by the organisation on its official page. the total transaction value of UPI increased from less than Rs 3.3 lakh crore in September to over Rs 3.86 lakh crore in October. The GST has crossed the ₹1 lakh crore mark in October, and with festivals coming up, the economy might boost up. Economist Arun Kumar said, “Lockdown means a voluntary stalling of the economy and when business begins to open up things get better and that does not mean you have recovered, but it means you have revived a little bit.”