Mumbai, July 6 : India has flattened the Covid-19 curve and ‘green shoots’ have emerged after the restrictions on lockdown were lifted, a Finance Ministry report said.
“These green shoots have a conducive policy environment to grow further and nudge the economy early on the path of economic recovery and Growth,” the Ministry said in its macroeconomic report for June 2020.
The report reiterated the International Monetary Fund’s forecast in June of a 4.5 per cent retraction in the economy for the country in FY21.
The report further said “India has one of the lowest death rates amongst the affected countries. Recoveries are increasingly outnumbering active cases. A testimony to graded, pre-emptive and proactive approach of the Centre and States towards prevention, containment and management of Covid-19.”
While India had 2,53,287 active cases as of July 6, a total of 4,24,432 people had been cured or discharged, the report said quoting official data.
Leading real indicators emerged as positive signs of revival with electricity and fuel consumption, movement of goods and retail financial transactions showing an improvement in May and June, the report added.
“Early green shoots of economic revival have emerged in May and June with real activity indicators like electricity and fuel consumption, inter and Intra-state movement of goods, retail financial transactions witnessing pick up”, the report said.
Where the rate of contraction in electricity consumption slowed from -24 per cent in April to -11.3 per cent till June 28, the total assessable value of E-Way bills picked up from Rs 3.9 lakh crore in April to Rs 11.4 lakh crore till June 28, the report concluded.
