Today i.e. 21st October is a historic day for the country. India has crossed the 100 crore mark of corona vaccination, beating all the big countries of the world. This pace of vaccination, which started from January 16 this year, has also given impetus to the economy.
How is it gaining momentum: The economy of the country, which has got off track due to the first and second wave of Corona, is now back on track once again. Life is becoming normal, then from other industries including hospitality, auto to small and big markets are also returning to the same condition. Be it passenger trains of railways or services of airlines, with certain conditions, it is now gaining momentum as before.
Investor confidence has increased due to the decrease in corona cases and the fast pace of vaccination. This is the reason why the stock market is also running at its all time high. If Sensex has crossed 62 thousand mark then Nifty has also become 18 Hazari. All the figures of GDP, GST collection, industrial production growth, core sector are showing that the economy is coming out of the bad phase of the Corona period.
What the figures say: In the month of September 2021, the gross GST revenue collection stood at Rs 1 lakh 17 thousand crores. This is the third consecutive month that the collection has crossed the Rs 1 lakh crore mark. This collection is 23 per cent higher than the GST revenue in the same month last year. At the same time, in the month of August, the industrial production (IIP) of the country has increased by 11.9 percent in August. Industrial production decreased by 7.1 percent a year ago i.e. in August 2020.
Apart from this, in August 2021, the output of the eight core sectors saw an increase of 11.6 percent. This was the third consecutive month that there was growth in eight core sectors. The eight core industries include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. They account for about 40.27 percent of the country's industrial production.
Similarly, the Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 in September. This was the third consecutive month that the PMI was above 50 points. The PMI data broadly indicates strong expansion in business activities. The growth rate of Gross Domestic Product (GDP) in the first quarter of the current financial year has been a record 20.1%. In the same quarter last year, GDP growth was negative 23.9 percent.
All the changing estimates: Due to the pace in the economy, the GDP growth estimates of the rating agencies have also started changing. The International Monetary Fund had earlier this month projected India's growth rate at 9.5 per cent for 2021 and 8.5 per cent for 2022. Be it the Reserve Bank or the ICRA rating agency, everyone is predicting that the country's GDP will continue to grow. The corona wave is not going to have much effect.
