The ministry also indicated not to impose lockdown to stop the second wave of Corona. According to him, the country is fully capable of fighting this virus. The country has adequate facilities ranging from screening to vaccination.
The economy will continue to recover despite record cases of corona infection. The Finance Ministry in its monthly report released on Monday claimed that the new fiscal year (2021-22) will be more golden and self-reliant. The ministry also indicated not to impose lockdown to stop the second wave of Corona. According to him, the country is fully capable of fighting this virus. The country has adequate facilities ranging from screening to vaccination.
The ministry has said in its report that several major sectors of the economy are showing signs of recovery despite a second wave of the corona. The most important among them is the agricultural sector, which has broken the previous record of production for the fifth consecutive year. Cereal production is going to touch 303.3 million tonnes in the crop year 2020-21. In the financial year 2020-21, record employment has been given so far under MGNREGA, which is 44.7 percent more than the financial year 2019-20.
With the recovery of the rural economy, GST collections, rail freight, domestic air travel, digital payments increased in March compared to the same month last year. March exports also recorded a record increase of 58.5 percent. With all this, there has been a recovery in the economy at the financial level as well. According to the Finance Ministry, the fiscal deficit of the central government stood at 14.05 lakh crore during April-February of the financial year 2020-21, which is 76 percent of the revised estimate.
The tax revenue collection of the central government is also going to be higher than the revised estimate. The investment will increase rapidly. The Ministry of Finance has claimed that due to the preparations of the government to fight the second wave of Corona, there will be a rapid increase in investment under the Self-Reliant India Campaign and According to the budget announcement, the basic sector and capital expenditure will be encouraged. The impact of capital expenditure will be visible in the second half of the current financial year. However, the PMI manufacturing level for March has been at 55.4, which is the lowest in the last seven months.