SLOW recovery of Indian economy visible

railways, coal, CIL, freight, goods, economy, transport

India’s economic recovery picks up pace amid  gloomy projections forecast by several  noted economists. Market has  welcomed  slow recovery following tax  collection and  manufacturing sector. Car sales show signs of  rebound ahead of festive season. Collection of Goods and Services tax (GST) which almost touched the nadir due to non-functioning of trade and commerce during lockdown has posted growth in September after six months of contraction  indicating return to normalcy in economic activities . GST collection stood at Rs 95,480 crore in September against Rs 86,449 crore in August, the data released by the Union  Finance Ministry reveal. The collection stood at Rs 91,916 crore in September last year. automobile manufacturers showed significant signs of recovery as they dispatched 13 per cent more vehicles to dealers in September  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.  Auto companies show signs of recovery, increase dispatches by 13%, says Business Standard. Tractor sales also increased with largest tractor seller Mahindra & Mahindra selling 18 per cent more farm equipment indicating that a good monsoon was driving the rural economy. India’s  largest carmaker Maruti Suzuki India (MSI) reported 30.8 per cent increase in total sales at 1,60,442 units in September. The company had sold 1,22,640 units in September last year, MSI said in a statement. Sales of entry-level cars boosted the numbers for Maruti. Sales of mini cars comprising Alto and S-Presso stood at 27,246 units compared to 20,085 units in the same month last year, up 35.7 per cent. 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. 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. 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. 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. Freight earnings, however, saw a decline of 17 per cent at Rs 50,168 crore during the first half of the current financial year, even despite 31 per cent fall at Rs 22,266 crore in the April-June period. In September, Railways handled 102 mt of freight, up 15 per cent compared to September 2019. The revenue from freight operations in the month also increased by 14 per cent to Rs 9,903 crore, compared to the same period in 2019.“We have taken a number of steps to improve freight train and passenger demand, including many non-tariff and tariff measures. For some commodities, we are giving discounts,” said Railway Board Chairman and Chief Executive V K Yadav. He said these measures helped increase volume though the revenue per net tonne kilometre dipped. 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. Pic courtsey to Business Standard.

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