GST collection : The second wave of Corona also caused serious damage to the economy. In May and June, there was a strong impact of the Corona crisis on every front of the economy. But the way the figures for the month of July are coming out, there are signs of a sharp recovery in the economy. Many figures have come out on the first day of the month of August, which is good news for the Modi government.
33% jump in GST collection
After 8 consecutive months i.e. till May, the GST collection was over Rs 1 lakh crore, due to Corona crisis in June. But in July, once again the figures of great collection have come out in GCT. GST collection has increased by 33 percent to Rs 1.16 lakh crore in July.
The GST revenue figures for July are indicating a sharp recovery in the economy. Earlier, in June-2021, the GST collection was less than Rs 1 lakh crore i.e. Rs 92,849 crore. Whereas in July-2020, the GST collection was Rs 87,422 crore.
GST collection : Increase in power consumption
After the second wave of restrictions, the country’s electricity consumption increased by nearly 12 per cent to 125.51 billion units (BU) in July. This is almost equal to the level before the epidemic. This information has been received from the data of the Ministry of Power. The commercial and industrial demand for electricity was hit by curbs imposed by the states from April this year.
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Electricity consumption in July-2020 was 112.14 billion units. This is only slightly less than the figure of 116.48 billion units before the epidemic i.e. July-2019. Experts say that the main reason for the recovery in power demand in July is the delay in monsoon and pick-up in economic activity after the relaxation of curbs by the states. It is expected to improve further in the coming months.
Boom in crude steel production
India’s crude steel production grew by 21.4 per cent year-on-year to 94 million tonnes in June. According to the World Steel Association, the production of crude steel in June last year was 6.9 million tonnes. The output of 64 countries reporting to the World Steel Association stood at 16.79 million tonnes in June 2021, an increase of 11.6 per cent compared to June 2020.
Surge in vehicle sales
Maruti Suzuki : A sharp jump has also been registered in the sales of vehicles in the month of July. The country’s largest carmaker Maruti Suzuki grew 50 percent in sales in July on a year-on-year basis. The company sold a total of 1,62,462 vehicles last month. Out of this, 1,36,500 vehicles have been sold in India and 21,224 vehicles have been exported. While 4,738 vehicles belonged to the original equipment manufacturer. The company sold a total of 1,08,064 vehicles in July 2020.
On the other hand, Hyundai Motor India said that its sales in July grew by 46 percent on a year-on-year basis. The company has been successful in selling a total of 60,249 units in July-2021. Whereas in the same period a year ago, Hyundai sold a total of 41,300 units of vehicles.
In terms of sales, Tata Motors has registered a growth of 92 percent in July. A total of 51,981 Tata cars were sold in July. Whereas in July-2020, the company had sold a total of 27,024 vehicles. Not only this, sales have also increased by 19 percent on a month-on-month basis. A total of 43,704 vehicles were sold in June-2021.
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