The ministry also indicated not to impose a closure to stop the second wave of Corona. According to him, the country is fully capable of fighting this virus. The country has adequate facilities ranging from screening to vaccination.
The economy will continue to recover despite cases of Coronavirus. In its monthly report released on Monday, the Finance Ministry claimed that the new fiscal year (2021-2022) will be more golden and self-reliant. The ministry also indicated not to impose a closure to stop the second wave of Corona. According to him, the country is fully capable of fighting this virus. The country has adequate facilities ranging from screening to vaccination.
In its report, the ministry said that many major economic sectors are showing signs of recovery despite the second wave of Corona. The most important of these is the agricultural sector, which broke the previous record for production for the fifth year in a row. Cereal production will reach 303.3 million tons in the 2020-2021 crop season. In fiscal year 2020-21, record job opportunities have been created so far under MGNREGA, which is 44.7 percent higher than in fiscal year 2019-20.
As the rural economy recovers, the GST packages, rail freight, domestic air travel and digital payments increased in March compared to the same month last year. March exports also registered a record increase of 58.5 percent. With all this, there has been a recovery in the economy on the financial level as well. According to the Ministry of Finance, the central government’s fiscal deficit was Rs 14.05 crore during the April-February period of the 2020-21 fiscal year, which is 76 percent of the revised estimate.
Also, tax revenue collection for the central government would be higher than the revised estimate. The investment will increase quickly. The Ministry of Finance claimed that due to the government’s preparations to confront the second wave of Corona there will be a rapid increase in investment within the framework of India’s self-reliant campaign and according to the budget announcement, the primary sector and capital spending will be encouraged. The impact of capital spending will be evident in the second half of the current fiscal year. However, the March manufacturing PMI level was at 55.4, the lowest level in the past seven months.