India is on the cusp of a major economic recovery and will remain the fastest-growing country and all the other economic parameters are quite within the range, Niti Aayog Vice-Chairman Rajiv Kumar said.
“Given all the reforms that we have done in the last seven years, and given that we are seeing the end of the COVID-19 pandemic hopefully, and the 7.8 per cent rate of growth that we will get this year (2022-23), a very strong foundation is now being laid for further rapid increase in economic growth in the coming years,” Kumar said in an interview with news agency PTI.
He added that the Reserve Bank of India (RBI) is well in the control of inflation and will take the necessary steps if and when required. “I think India is on the cusp of a major economic recovery and economic growth. India will remain the fastest growing economy and all the other economic parameters are actually quite within the range.”
The RBI’s Monetary Policy Committee (MPC) will meet between April 6 and 8 to decide on the policy rates. In its previous bi-monthly policy in February, the Committee opted for an accommodative stance while leaving the repo rate, reverse repo rate, bank rate and the marginal standing facility rate unchanged. The repo rate was kept unchanged at 4 per cent.
Kumar added that in the past, the government had taken steps to reduce the tax burden. “And, I think it is time now for the states to come forward if they feel that this is required to be done.”
He said India is on the cusp of a major economic recovery and talks of possible stagflation are “overhyped” as a strong economic foundation is being laid with the reforms carried out by the government over the last seven years. Kumar said it is quite clear from all accounts that India will remain the fastest-growing economy in the world despite economic uncertainties due to the Russia-Ukraine war that is also impacting global supply chains.
In the latest data released on Friday, the GST (goods and services tax) collections touched an all-time high of Rs 1,42,095 crore in March 2022, driven by economic recovery and anti-evasion drives such as action against fake billers, according to an official statement released on Friday. The previous record GST collection was seen in January this year, when it stood at Rs 1,40,986 crore.
“The gross GST collection in March 2022 is at all-time high, breaching earlier record of Rs 1,40,986 crore collected in the Month of January 2022,” the finance ministry said in the statement. The revenues for the month of March 2022 are 15 per cent higher than the GST revenues in the same month last year and 46 per cent higher than the GST revenues in March 2020,” it said.
Direct taxes, comprising income tax and corporation tax, have also broken previous records and touched Rs 13.81 lakh crore in the financial year 2021-22. Collection jumped more than 49 per cent over that of the previous fiscal year, mainly due to a low base effect. In 2020-21, net collection stood at Rs 9.23 lakh crore.
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