Hardeep S Puri – Union Minister:
Many of us start using data for purposes of scoring brownie points. We ignore the context & facts of the matter as we do so.
Putting forth some facts on the ‘gloomy’ narrative being circulated about India’s GDP which was amongst first few to impose a total lockdown on 23 March.
GDP data released now relates to Q1 of FY 2020-21 which coincided with its most stringent phase.
Transport, manufacturing, mining, construction, tourism, hospitality, & services, accounting for about 65% of economy, were totally shut. A decline was expected.
Latest PMI data for Aug 2020 stands at 52. A five-month high & a definite signal of growth.
Power consumption in July was YoY lower by just 2.64%.
Tractor sales showed 39% growth in July.
Between April to July India attracted FDI of almost $22 billion.
Construction dipped 50% in Q1. It was either not allowed or restricted, which is not the case anymore.
Recent IPO of Mindspace Business Parks, REIT was subscribed nearly 13 times. This shows enthusiasm & confidence of domestic & international investors in our Real Estate sector.
As we resumed domestic aviation in a calibrated manner the number of daily passengers has increased from 30,550 on 25 May to 1,12,630 on 29 August. As states further relax their guidelines, numbers are only going to soar.
Reforms in aviation route rationalization, Affordable Rental Housing Complexes, private coal mining, agri-marketing, contractual farming, & FDI increase in defence will unleash an Aatma Nirbhar Bharat.