NITI Aayog Vice Chairman Rajiv Kumar said India is on the cusp of a major economic recovery and will continue to be the fastest growing country and all other economic parameters are largely within limits.
“Looking at all the reforms that have been made in the last seven years, and given that we are hopefully seeing an end to the COVID-19 pandemic, and the 7.8 per cent growth rate that we will get this year (2022-23). A very strong foundation is being laid for further rapid growth in economic growth in the coming years,” Kumar said in an interview with news agency PTI.
He said that the Reserve Bank of India (RBI) is in control of inflation and will take necessary steps if necessary. “I think India is on the cusp of a major economic recovery and economic growth. India will continue to be the fastest growing economy and all other economic parameters are really within quite a range.”
RBI’s Monetary Policy Committee (MPC) will meet from April 6 to 8 to decide on policy rates. In its last bi-monthly policy in February, the committee opted for a liberal stance keeping the repo rate, reverse repo rate, bank rate and marginal standing facility rate unchanged. The repo rate was kept unchanged at 4 per cent.
Kumar said that in the past, the government has taken steps to reduce the tax burden. “And, I think the time has come for states to come forward if they feel there is a need to do so.”
He said India is on the cusp of a major economic recovery and talks of a potential stagflation are being “overhyped” as a strong economic foundation is being laid with the reforms undertaken by the government over the past seven years. Kumar said it is quite clear on all accounts that India will continue to be the fastest growing economy in the world despite economic uncertainties due to the Russo-Ukraine war, which is also affecting global supply chains.
In the latest data released on Friday, GST (Goods and Services Tax) collection touched an all-time high of Rs 1,42,095 crore in March 2022, driven by economic reforms and anti-evasion drive like action against fake billers. In an official statement released on Friday. The previous record GST collection was witnessed in January this year, when it stood at Rs 1,40,986 crore.
“The gross GST collection in March 2022 is at an all-time high, breaking the earlier record of Rs 1,40,986 crore collected in the month of January 2022,” the finance ministry said in the statement. The revenue for the month of March 2022 is 15 percent more than the GST revenue in the corresponding month of last year and 46 percent more than the GST revenue in March 2020.
Direct taxes, which include income tax and corporation tax, have also broken the previous record and touched Rs 13.81 lakh crore in the financial year 2021-22. Collections grew by over 49 per cent over the previous fiscal, mainly due to the lower base effect. Net collection in 2020-21 stood at Rs 9.23 lakh crore.
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