Finance secretary Ajay Bhushan Pandey on Sunday hinted that the govt is functioning on another stimulus package but he avoided giving a timeframe with an an exclusive interview to press agency ANI. ."We keep monitoring things on the bottom to assess which sector of the economy or segment of the population needs what quite help at which era and respond accordingly. We keep taking suggestions from industry bodies, trade associations, various ministries and after browsing their suggestions and requirements of the economy, we begin with timely measures,"Ajay Bhushan Pandey.
Mr Pandey said that he couldn't provides a timeframe for the stimulus package, but yes the govt was thereon and deliberations on further interventions were on.Talking about the present state of the economy, Mr Pandey said that the economy was recovering and moving towards sustained growth.The GST collection of October has been ₹ 105,155 crore which is 10 per cent higher year-on-year for the corresponding month last year. This September, the economy had also shown 4 per cent growth at ₹ 95,480 crore in GST collections y-o-y. Further, the country has seen a growth in electricity consumption, exports, and imports, he said.
"September and October data shows that we've reached Pre-COVID-19 level and gone into positive territory. If we compare with the last year, the E-Way bill in September has seen year on year growth of 10 per cent and in October it's seen a growth of 21 per cent," he said.
"If we are ready to maintain this growth for subsequent five months, then we will say that we will transition from deep negative zone to near-zero growth zone by March 2021. International fund (IMF) has projected India''s GDP to contract 10.3 per cent this financial year , revised from its forecast of a 4.5 per cent decline in June," he added.
The Federal Reserve Bank of India had last month said that the economy is probably going to contract by 9.5 per cent within the current fiscal. GDP contracted 23.9 per cent within the half-moon of the fiscal, as per the estimates of the Central Statistics Office (CSO). On a mean 8 lakh invoices were being generated daily. It picked up quickly and on October 30, during a single day 29 lakh electronic invoices were generated. "If we see the expansion of the FMCG, auto sectors, it shows that we are getting into the direction of sustained growth," he said.
Pandey said, "We are analysing every sector and this is often endless process. Since the COVID-19 outbreak, we've been continuously monitoring every sector. Whatever was required for helping migrants, vulnerable sections of the agricultural or urban populations, we did. When the state was in lockdown, we gave cash to women Jan Dhan account holders in their bank accounts through DBT. We provided early instalments to farmers under PM Kisan Yojana."
"We helped employees and employers in their EPF contribution. We earmarked ₹ 3 lakh crore for enhanced capital to MSMEs, out of which ₹ 2 lakh crore has been sanctioned and amounts are being disbursed. MSMEs were also given the advantages of loan moratorium. we've given tax refunds of ₹ 1.27 lakh crores in last seven months. we've given GST refunds of ₹ 70,000 crore," he added.
He said that a complete refund of ₹ 2 lakh crore has been given within the last seven months. During this era , revenue collections were impacted but the govt didn't stop or hamper the refunds.Ruling out the likelihood of any cut in GST rates in near future during the COVID pandemic, he said that there's the incorrect impression that rate cut boosts sales and growth.
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