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Business Economy

Economic activity has started picking up: Piyush Goyal

New Delhi, May 29 (UNI) Commerce and industry Minister Piyush Goyal said that several indicators show that the economic recovery is on the anvil and called upon traders to promote local goods.
Addressing representatives of traders associations, via video conferencing on Thursday, Mr Goyal the power consumption this month is almost at par with the corresponding period last year, Oxygen production has come up.
''The Exports, which went down in April by almost 60 per cent, have started showing upward trend, and the preliminary figures indicate decline this month will be smaller. The Services exports, on the other hand, went up even the last month,'' he said.
He indicated that more than the fall in merchandise exports, the imports showed sharper decline last month, lowering the trade deficit.
Regarding some of the hardships being faced by the Retail traders even after the relaxations of the guidelines, the Minister said that a majority of shops have been allowed to be opened, without any distinction of essential and non-essential.
The decision to open the remaining shops in the malls, will be taken soon, after taking into account the guidelines of the Health Ministry.
Mr Goyal told the retail traders not to feel threatened by the e-commerce juggernaut, as the Common person has now realized that the Brick and Mortar kirana neighbourhood shopkeepers only helped them in their hour of crisis.
He said that during the lockdown period, the nation geared itself to fight against the Covid-19 pandemic and built capacities. The domestic manufacturing of the protection equipment like masks, sanitizers, gloves, PPE got a boost, health infrastructure was scaled up, and awareness was generated among the people.
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