Signs of improvement are visible in various sectors of the economy! The Finance Ministry said this

The government said on Monday that there are signs of improvement in various sectors of the economy. Further rapid revival is expected in the coming times with favorable policy measures to bring the economy affected by the Corona virus crisis on the path of revival and growth.

According to the International Monetary Fund (IMF) report released in June, India's growth rate has been estimated to be below 4.5 percent. This is 6.4 percentage points lower than the IMF estimate released in April, 2020.

According to the macroeconomic report released by the Department of Economic Affairs for the month of June, the IMF lowered the global growth forecast by (-) 4.9 percent in view of the uncertainty over the Kovid-19 transition and the macroeconomic slowdown in other countries around the world. have make. This is 1.9 percentage points less than in April, 2020.

According to the report, however, there are early signs of improvement in the economic situation in May and June. Areas such as electricity and fuel consumption, movement of goods within one state and from one state to another, retail financial deals are being seen.

It added that the country's foreign exchange reserves reached $ 505.6 billion on June 19, due to increased foreign direct investment (FDI), increased portfolio investment and softening oil prices. This will help in dealing with any type of external shock.

According to the report, the Gross Goods and Services Tax (GST) collection also stood at Rs 9,917 crore in June, an increase of 46 percent over May and 181 percent over April. According to this, the policy environment was favorable with the move of Government and RBI in March. Both managed to correctly assess the economic softening in the wake of the outbreak.

In addition, the reform package has given impetus to economic policy changes along the stimulus package at a time when the COVID-19 crisis has distorted the fiscal position of the government and affected the spending capacity of the people.