Ajay Bhushan Pandey hinted on Sunday that the government had started its work for another stimulus plan. Other details regarding the time frame had not been given. At the time of the pandemic, people are facing various difficulties financially. It is not possible to tackle the solutions of all the people in a particular way, Therefore, the sections of the society that needs special help will be assessed through this project. A survey is also done among the industry videos and trade associations to understand and analyze their needs.
Mr.Pandey has rightly said that our economy is improving from the COVID crisis and it was on the way to sustained growth.The GST collection in October was Rs.101,155 crore. This is surprisingly 10% higher than the corresponding month last year. There is also a 4% growth in the GST collection. Our country is also growing in other sectors like exports and imports. After the effects of the COVID on the economy, it can be said now that we have reached a safe spot and we can expect positive growth from now on.MSMEs were given a lot of provisions like the loan moratorium, Income Tax Refund, and GST Refunds. Approximately, Rupees 2 Lakh Crore has been granted as refunds.
If this growth is maintained for the next 5 months, there can be a transition from the negative zone to the near-zero growth zone. According to the International Monetary Fund( IMF), the Indian GDP will contract 10.3% this fiscal year as revised from a 4.5% decline in June. There has also been the generation of Electronic Invoices from the beginning of October. It was found that 29 Lakh electronic invoices are being released on October 30 as compared to the 8 Lakh Invoices that were produced on October 1. When we look at the FMCG auto sectors, we can develop hopes for sustained growth in the economy.
Ever since the lockdown, every sector of the economy has been closely studied to understand the needs and the demands of the people.