Signs of recovery on economic front, exports accelerate after GST collection

Signs of recovery on economic front, exports accelerate after GST collection
Economic growth in India concept, 3D rendering isolated on white background

Exports of goods in May stood at $ 19 billion, compared to $ 10.36 billion in April.

On the economic front, there are signs of recovery from the lockdown opening globally with the country. Merchandise exports stood at $ 19 billion in May, compared to $ 10.36 billion in April this year. According to the tweet by Commerce and Industry Minister Piyush Goyal, in the first week of June, the export of commodities has reached the pre-Kovid-19 level. According to Goyal, in the first week of June this year, $ 4.94 billion was exported. In the first week of June last year, exports were $ 5.03 billion.

According to the data of the Ministry of Commerce and Industry, exports for the month of May this year registered a decline of 36.47 percent as compared to May last year. At the same time, in April this year, exports had fallen by 60 percent compared to the same period last year. In May, imports of goods fell by 51.05 per cent over May last year. In May this year, $ 22.2 billion was imported while in May last year, $ 45.3 billion was imported. According to ministry sources, the period of decline in exports may be finished by July.

GST collection is also increasing

On the economic front, signs of recovery are also showing from the increase in GST collection. According to the data presented in the GST Council, the GST collection in April this year was Rs 32,172 crore. Last May, the collection reached a level of 62,151 crore, which is 38 percent less than in May last year. However, the government has not released the GST collection figures for April and May this year. According to experts, the increase in GST collection in May compared to April definitely indicates an increase in sales of goods. GST collection increases only when goods are sold.

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