India may have "crossed the peak of coronavirus caseload", the Finance Ministry has said in its September economic review report, stressing that "consequent demand resurgence is palpable in many sectors" as the country eases restrictions that were put in place to check the spread of virus.
"Data for the 14-day period from September 17 to 30 suggests that India may have crossed the peak of Covid-19 caseload. During this period, the seven-day moving average of daily positive cases has steadily declined from about 93,000 to 83,000 while the seven-day moving average of daily tests have risen from about 1,15,000 to 1,24,000," highlights the ministry's monthly report.
India, the second worst-hit country in the world by the pandemic after the United States, has logged over 65 lakh Covid cases so far; over 1.01 lakh coronavirus patients have died. The country reported its first case on January 30.
The pandemic, however, is far from over, the Finance Ministry's report has warned.
"Yet, the declining positivity rate at all-India level sets the stage to further push up the frontiers of economic recovery. For this, all stakeholders need to get into the act as remaining restrictions on access and mobility are further eased.," it has further stressed.
"India reports the highest number of active COVID cases as on date. Growth in active cases fell to -0.4 per cent as on September 30 as compared to 1.65 per cent as on August 31 with the recovery rate at 83.5 per cent as on September 30," the report titled- Finance Ministry's Monthly Economic Review -- September, 2020 - underlines.
On September 30, Bihar, Andhra Pradesh and Tamil Nadu reported a recovery rate of more than 90 per cent; West Bengal, Delhi, Uttar Pradesh Gujarat, and Rajasthan reported recovery rates greater than 80 per cent, it says.
"Case fatality rate continued to decline to 1.6 per cent, with major hotspot states witnessing declining trend. COVID-19 testing has been scaled up significantly since June with Andhra Pradesh, Arunachal Pradesh, Goa, Delhi, Assam, Jammu and Kashmir. Tripura and Tamil Nadu showing good progress," as per the data shared.
Suggesting that India's economy, badly hit by the pandemic, is showing signs of recovery, it says: "Economic indicators allude to a steady recovery in almost all sectors, with some sectors shooting above their previous-year levels as well. This is despite headwinds of increasing COVID cases in non-metro cities and rural areas and rising food prices."
"Positive results fro the implementation of AatmaNirbhar Bharat (AB) package and unlocking of the economy ar evident in India's high-frequency real sector indicators of September," the monthly review, referring to Prime Minister Narendra Modi's call for Atmanirbhar Bharat or self-reliant India pointed out.
According to the new data, "the indicators of demand are gaining momentum with sales of passenger vehicles, two and three wheelers regaining previous year levels in August, signaling pent-up demand as well as rise in private mode of transportation due to Covid-19".
"The growth outlook has improved significantly in September with GST collections swelling to six month high at Rs 95,480 crore, registering a positive year on year growth of 3.9 per cent," it says.
India's gross domestic product or GDP contracted 23.9 per cent in the April-June period, official data released in August showed.
"The growth outlook has improved significantly in September with GST collections swelling to six month high at Rs 95,480 crore, registering a positive year on year growth of 3.9 per cent," it says.
India's gross domestic product or GDP contracted 23.9 per cent in the April-June period, official data released in August showed.
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