ఆర్థిక రంగంలో మోడీకి గ్రీన్ షూట్స్ కనిపించాయి, మీకు కూడానా...?||PM Sees green shoots, do you...?||
It is a matter of some relief that “green shoots" of revival have begun to sprout in the Indian economy as it emerges from its lockdown, as Prime Minister Narendra Modi emphasized on Tuesday. He pointed to a steady rise in electricity consumption, an increase in fertilizer sales, a slight recovery in exports, higher kharif crop acreage, and a pick-up in the production of and demand for two-wheelers. Indeed, there are other signs as well. What offers the strongest glimmer of hope is a sharp recovery in the country’s labour market. Data drawn from the Centre for Monitoring Indian Economy (CMIE) has revealed that India’s unemployment rate fell to 11.6% in the week ended 14 June, down from 17.5% in the previous week. By this count, joblessness is almost back to the level it was before the lockdown. This suggests that the worst is behind us. Much of India has been eager to get back to work, and several cities have regained some of their former buzz. Yet, a post-lockdown jump in commerce should not serve as an excuse for complacency. Our economic challenges remain steep.
A plunge in advance tax collections has been reported for the first quarter of 2020-21. This mop-up came in at ₹12,000 crore, as of 15 June, the due date for the first instalment, down from ₹50,000 crore a year ago. This is a drastic drop. It reflects the poor earnings outlook of individuals as well as corporations, and makes it evident that India’s budget calculations need to be reworked. Key tax jurisdictions, such as Mumbai, Delhi, Kolkata, Chennai and Ahmedabad, have reported a precipitous fall in tax collections.
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ఆర్థిక రంగంలో మోడీకి గ్రీన్ షూట్స్ కనిపించాయి, మీకు కూడానా...?||PM Sees green shoots, do you...?|| It is a matter of some relief that “green shoots" of revival have begun to sprout in the Indian economy as it emerges from its lockdown, as Prime Minister Narendra Modi emphasized on Tuesday. He pointed to a steady rise in electricity consumption, an increase in fertilizer sales, a slight recovery in exports, higher kharif crop acreage, and a pick-up in the production of and demand for two-wheelers. Indeed, there are other signs as well. What offers the strongest glimmer of hope is a sharp recovery in the country’s labour market. Data drawn from the Centre for Monitoring Indian Economy (CMIE) has revealed that India’s unemployment rate fell to 11.6% in the week ended 14 June, down from 17.5% in the previous week. By this count, joblessness is almost back to the level it was before the lockdown. This suggests that the worst is behind us. Much of India has been eager to get back to work, and several cities have regained some of their former buzz. Yet, a post-lockdown jump in commerce should not serve as an excuse for complacency. Our economic challenges remain steep. A plunge in advance tax collections has been reported for the first quarter of 2020-21. This mop-up came in at ₹12,000 crore, as of 15 June, the due date for the first instalment, down from ₹50,000 crore a year ago. This is a drastic drop. It reflects the poor earnings outlook of individuals as well as corporations, and makes it evident that India’s budget calculations need to be reworked. Key tax jurisdictions, such as Mumbai, Delhi, Kolkata, Chennai and Ahmedabad, have reported a precipitous fall in tax collections.
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