In Pics: Signs of economic recovery in India become visible

SUMMARY

Indian economy, after being hit hard by the economic downturn due to the spread of COVID-19 pandemic, is steadily recovering. The signs of recovery that comes amid the festival season and fall in COVID-19 cases has rejuvenated people across the country. Here is a look key indicators pointing towards the recovery.

By Pradeep Suresh |Niral Sharma Nov 2, 2020 6:14:44 PM IST (Published)

The Indian economy, after being hit hard by the economic downturn due to the spread of COVID-19 pandemic, is steadily recovering. The signs of recovery that comes amid the festive season and fall in COVID-19 cases has rejuvenated people across the country. Here is a look key indicators pointing towards the recovery.

The number of UPI (Unified Payments Interface) transactions exceeded the two billion mark in October, said the National Payments Corporation of India (NPCI) on Sunday. The organisation tweeted on its official page that the total transaction value of UPI increased from less than Rs 3.3 lakh crore in September to over Rs 3.86 lakh crore in October.(Picture credits: ICICI Bank website, UPI page.)

The finance ministry has said that the last month's GST collection stood at over Rs 1.05 lakh crore making it the first time since February that the GST collection in the country crossed the Rs 1 lakh crore mark. The gross GST revenue collected in the month of October stood at Rs 1,05,155 crore. The revenue for the month is 10 percent higher than Rs 95,379 crore collected in the same month last year.

Petrol, which had returned to pre-COVID levels in September, posted a 1.5 percent rise in sales to 982,000 tonnes in the first half of October, up from 967,000 tonnes in the same period a year back and 968,000 tonnes in the first fortnight of September. Diesel sales rose 8.8 percent in the first half of October from a year ago. (REUTERS/Rupak De Chowdhuri)

The automobile industry is making a resurgence as sales are showing impressive rise after months of less than impressive performance. Bajaj Auto reported an 11% jump in October sales while Maruti Suzuki sales increased by 19%. (REUTERS/Anushree Fadnavis/Files)

Manufacturing Purchasing Managers’ Index (PMI) for the month of October reached 58.9, which is the highest reading since May 2010. (REUTERS/Amit Dave/File Photo)