Piyush Goyal: Economy showing strong signals of comeback, India seen as trusted partner

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Commerce and industry minister Piyush Goyal on Tuesday said the economy is showing strong signals of comeback and India is being seen as a trusted partner globally with the country’s reputation having improved.

In a meeting with industry associations, he asked them to focus on improving quality and productivity, the commerce and industry ministry said in a statement.

“He said that the economy is showing strong signals of comeback, and even in the international arena, India’s reputation has gone by several notches and it is being seen as a trusted partner,” Goyal was quoted within the assertion.

India’s manufacturing unit output expanded 0.2% in September, reversing six months of contraction whereas items and services tax (GST) collections in October have been 10% larger than the 12 months earlier and railway freight within the final two months grew 15% from the 12 months in the past.

An ET forecast final week pegged the second quarter contraction within the Indian economic system at 10.2% from the 12 months earlier and decrease than the earlier forecast of 12% shrinkage. India’s economic system had contracted an unprecedented 23.9% within the quarter ended June 30, 2020. The Ministry of Statistics and Programme Implementation will launch the quarterly GDP estimates for the July-September quarter on November 27.

Goyal additionally requested the business to designate a number of days subsequent month, to do brainstorming on these points in order that the nation begins getting recognition as top quality, environment friendly producer, dealer, and service-provider.

Indian business, the minister stated, has proven resilience and confidence in the course of the tough occasions, and that the outcomes of the second quarter of main corporations present that profitability of most of them has gone up, indicating that the Indian business has utilized the Covid-19 interval to do the belt-tightening, enhance the product-mix.

Source from: https://economictimes.indiatimes.com/news/economy/policy/economy-showing-strong-signals-of-comeback-india-seen-as-trusted-partner-piyush-goyal/articleshow/79392561.cms