Page 42 - The Indian EYE 040221

Business EYE APRIL 02, 2021 | The Indian Eye 42

BooM TiMe, again!

exports, GsT and fuel consumption

see major growth

Imports during 2020-21 contracted by 18 per cent to $388.92 billion compared to

$474.71 billion during 2019-20

Our Bureau lections rising 14% during the

New Delhi March quarter compared to
8% during October-December
ndia’s exports jumped by 2020. During the first half of
58.23 per cent to $34 billion, 2020-21, GST collections had
Ithe highest ever reached in declined following the lock-
a month, in March as key sec- down.
tors such as engineering, gems “It (collection growth)
and jewelry and pharmaceuti- clearly shows a sustained eco-
cals recorded healthy growth nomic recovery and also is a
rate during the month, accord- result of GST audit closures
ing to the commerce minis- and the government tightening
try’s provisional data. Exports compliance and anti-evasion
during April-March 2020-21, measures,” said Pratik Jain,
however, dipped by 7.4 per cent who leads the indirect tax prac-
to $290.18 billion compared to tice at consulting firm PwC.
$313.36 billion in 2019-20, the Meanwhile, oil imports
data showed. Finance Minister Nirmala Sitharaman at the 42nd GST Council meeting (ANI) grew by 1.22 per cent to $10.17
Imports during 2020-21 billion in March. During 2020-
contracted by 18 per cent to per cent year-on-year to $34 bil- higher than the corresponding 21, oil imports dipped by 37 per
$388.92 billion compared to lion, the highest ever in Indian period in 2020. cent to $82.25 billion. Non-oil
$474.71 billion during 2019- history. PM @NarendraModi The impact of the coronavi- imports in March were up by
20. In March 2020, the exports ji’s policies have propelled In- rus pandemic was first seen in 777.12 per cent to $37.95 bil-
stood at $21.49 billion, showing dian economy to historic new February 2020 when the lock- lion. During the full fiscal, the
a decline of about 34 per cent heights, despite the pandemic”. down in Wuhan resulted in a imports contracted by 10.89
over March 2019 due to glob- Federation of Indian Ex- disruption of shipments coming per cent to $306.67 billion.
al slowdown induced by the ports Organisations (FIEO) from China, where the deadly Gold imports jumped to $7.17
Covid-19 crisis. Director General Ajay Sahai virus was first spotted. “GST billion during the month under
“India’s merchandise ex- said that despite issues related revenues crossed above Rs 1 review.
ports in March 2021 were $34 with container shortage and lakh crore mark at a stretch But a more realistic com-
billion as compared to $21.49 movement of ships Suez Canal, for the last six months and a parison with March 2019 shows
billion in March 2020, an in- the exports have crossed $290 steep increasing trend over this demand for diesel, a bellweth-
crease of 58.23 per cent,” the billion. “It is extremely good period are clear indicators of er for economic activities, still
ministry said in a statement. It growth looking into COVID-19 rapid economic recovery post falling short by nearly 5%. But
said that “first time ever in a challenges,” he said. pandemic. Closer monitoring petrol sales showed a growth of
month”, exports have crossed In another positive sign, against fake billing, deep data 5% as people’s preference for
$34 billion mark. Imports too GST collections rose 27% to hit analytics using data from mul- personal vehicles to get around
rose by 52.89 per cent to $48.12 a record high of nearly Rs 1.24 tiple sources including GST, continued.
billion as against $31.47 billion lakh crore in March, helping to income-tax and customs IT sys- Demand for LPG, or
in March 2020. narrow the deficit for the full tems and effective tax adminis- household cooking gas, edged
The trade deficit during the financial year to around 7%. tration have also contributed to 1.3% in March from a year
month widened to $14.12 bil- The mop-up -- based on sales the steady increase in tax reve- ago, while showing only mar-
lion as against $9.98 billion in in February 2021, for which nue over last few months,” the ginal growth over the same
March 2020. returns were filed in March -- finance ministry said in a state- month of 2019. LPG demand
Commerce and industry was boosted by imports with ment. had posted sustained growth
minister Piyush Goyal in a tweet revenue from imported goods Although the base effect through the lockdown period
said: “Make in India, Make for jumping 70%, while those from will come into play in the com- as families remained confined
the World: Merchandise ex- domestic transactions, includ- ing months, there has been a within their homes, leading to
ports in March 2021 grew by 58 ing services imports, were 17% sustained recovery with col- more cooking.

www.TheIndianEYE .com