Economy getting back on track despite pandemic: Prakash Javadekar1 min read . Updated: 04 Nov 2020, 04:17 PM IST
- The minister also said that the CCEA approved ₹1,810 crore investment proposal of 210 MW Luhri Stage-I hydro power project on river Satluj
NEW DELHI: Several macroeconomic indicators over the last few days indicate that the Indian economy is getting back on track at a faster-than-expected pace, information and broadcasting minister Prakash Javadekar said on Wednesday.
Higher tax collection in October, with goods and services tax (GST) collections crossing ₹1 trillion mark for the first time this fiscal, exponential growth in digital payments via unified payments interface (UPI), rise in power demand, increasing foreign direct investment, railway freight loading, are some of the indicators signaling a recovery in economic growth, Javedekar said at the virtual briefing.
“There is a sustainable development of demand in oilfields, inputs purchased for manufacturing is rising, steel and other sectors are witnessing export growth and demand, rail freight increased in October by 15% despite stoppage of railways in certain places, Q2 (July-September) showed growth in profits of listed companies...Thus, it is very clear that the economy is coming back on track despite the pandemic we have gone through," Javadekar said.
Speaking about Cabinet decisions, the minister said that the Cabinet Committee of Economic Affairs (CCEA) has approved ₹1,810 crore investment proposal of 210 MW Luhri Stage-I hydro power project on river Satluj. The project will be commissioned within 62 months and will cut 6.1 lakh tonne of carbon dioxide from the environment annually.
The Cabinet also approved the memorandum of understanding (MoU) between India and Israel on cooperation in the field of healthcare and medicine. It also approved signing of the MoU between India and United Kingdom on cooperation in the field of telecommunications.