Signs of Relief in Economy: GST Collection Increased, Unemployment Reduced, Auto Sector BoostsJuly 8, 2020
The economy has been affected due to Corona infection in India as well as the whole world. After various stages of lockdown, Unlock-1 was launched for the first time in June giving relaxation in business activities. Almost all business activities have gained momentum in the one month unlock-1 period. Statistics show that this boom is once again bringing the economy to the old level.
Although the cases of Corona are increasing day by day, the Google Mobility Report and SBI EcoRap Report show that business activity in the country has increased and gradually they are now reaching the former level of Corona. Apart from this, GST collection has increased in June as compared to May. During the lockdown, the unemployment rate which reached the top level has come down drastically.
Petroleum and energy demand pick up, vehicle sales also rise
- Increased GST Collection
- June 90,917
- May 62,009
- April 32,294
- Petroleum products consumption grew 3.47%
- Along with the laborers, the mobility of goods has increased.
- Fall in unemployment rate
High frequency indicators are fast: SBI report
In the SBI ECORAP report, various high frequency indicators have shown a boom in the duration of Unlock-1 from June 1 to 30. The report cites high-frequency indicators — including the Google Mobility Index, the Apple Mobility Index, labor participation rates, RTO transactions, power consumption, and the arrival of weekly meals — that declined during various stages of lockdown, but unlocked -1. The period has accelerated. According to the report, in almost all states (except Tamil Nadu), there is a dynamic trend in all indicators along with increasing cases of corona.