The government is optimistic about the economy coming back on the rails at “more speed than expected”.

After a review by the Union cabinet, information and broadcasting minister Prakash Javadekar cited the increase in rail freight and GST (goods and services tax) collections along with a rise in power demand and improved FDI inflows to suggest the economy was doing better in the second quarter.

The monthly economic report of the finance ministry expected GDP growth in the current year to be higher than what is being projected by various agencies though it didn’t give any numbers.

Satluj project funds

The cabinet committee on economic affairs on Wednesday approved investments of Rs 1,810.56 crore for the 210 mega watt (MW) Luhri Stage-I hydro electric project on the river Satluj in Himachal Pradesh.

This project, being implemented by the Satluj Jal Vidyut Nigam Ltd (SJVNL) on built-own-operate-maintain basis, will generate 758.20 million units of electricity annually.