GDP data for Q1 coincided with most stringent phase of lockdown, situation different now: Hardeep Puri
Union Civil Aviation Minister Hardeep Singh Puri on Tuesday took a dig at opposition parties seeking to score brownie points over contraction of Indian economy and said GDP data released on Monday relates to Q1 of FY 2020-21 which coincided with its most stringent phase and the situation was different now.
The minister, who made a series of tweets, said there were definite signals of growth and there was enthusiasm and confidence in domestic and international investors in the real estate sector.
"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 March 23," he said.
"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," he added.
The minister said the latest PMI data for Aug 2020 stands at 52, a five-month high and a definite signal of growth.
"Situation is different now. 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 and confidence of domestic & international investors in our Real Estate sector," he said.
The minister also said that reforms in aviation route rationalization, affordable rental housing complexes, private coal mining, agri-marketing, contractual farming & FDI increase in defence will unleash a self-reliant India.
"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," he said.
The Indian economy contracted by 23.9 per cent in the April to June quarter (Q1 FY21), marking the first contraction in more than 40 years as COVID-19 pandemic compressed consumer demand and private investments, government data showed on Monday.
The National Statistical Office (NSO) said gross value added (GVA) came in at minus 22.8 per cent.
-ANI
Also Read: GDP shrinks by 23.9 pc in Q1, worst economic contraction in four decades
