The economy is retrieving rapidly from July after the first quarter: Ministry of Finance From April to July staring in the business financial year, the finance minister is positive about the future among the disappointment from the fall of 23.9% fall. He further claims that the process of unlocking the economy gives a positive result and the economy is recovering from August. A report related to this was launched on Friday by the Department of Economic Affairs, Ministry of Finance.
As per the reports, the signs of V shape are auto sales, tractor sales, railway freight, cement products, electricity consumption, highways bill toll collection, retail level financial transactions, manufacturing PMI, and major industry performance and exports are being reached. The finance ministry stated that the production level of all these sectors has been reached or exceeded.
Automobile sales indicated an increment in August which declines in the quarter of April to July. Two-wheeler’s sales are also increased by 7 to 8% as compared to last year. Through the nourishing of agriculture and rural economy, the production of fertilizers continues to increase from the last three months as compared to last year.
As per the report of the finance minister, 9.52 million tonnes of goods were transported in July. In the last year July month, 9.97 million tons of goods were transported. The number of passengers has canceled their bookings in April. In July month, 1.46 Crore passengers traveled by air. The number of air passengers increased to 21.1 lakh.
In July month this year, steel production was near about 74.02 lakh tonnes and cement production was 242.47 lakh tonnes. According to the Ministry of Finance, electricity consumption met 97% in the August month of last year. In August month of this year, 13.8 lakh Crore electricity bill was produced which is equal to 97.2% of last year.