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Phased unlocking since June 1 has revived economic activities: Govt

The government said with phased unlocking of the economy, economic indicators like PMI manufacturing, index of eight core industries, kharif sowing and power consumption have recovered since June 1

Topics
Economic recovery | Lockdown | Coronavirus

Press Trust of India  |  New Delhi 

markets, stock market, sensex, nifty, shares, growth, profit, economy, gain

The government on Wednesday said with the phased unlocking of the Indianeconomy, high frequency economic indicators like PMI manufacturing, index of eight core industries, kharif sowing and power consumption have recovered since June 1.

Union Minister of State for Home Nityanand Rai said in the Rajya Sabha that the strict lockdown, first announced on March 24,was effective in containing the impact ofthe coronvirus pandemic.

"With the phased unlocking of the Indian economy since June 1, 2020, high frequency economic indicators like PMI Manufacturing, index of eight core industries, E-way bills, Kharif sowing, power consumption, railway freight, cargo traffic and passenger vehicle sales have recovered and indicate growing convergence with previous year's activity levels," he said in a written reply to a question.

Rai said thelockdown helped the country in bringing down the growth rate of the infection and reduced transmission of the contagious disease.

This had a direct impact on reduction in case load, morbidity and mortality. In addition, the slowing down of the pandemic helped the country in augmenting its health infrastructure,he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, September 16 2020. 17:08 IST