KV Subramanian, the executive director of the International Monetary Fund (IMF), praised India’s impressive Goods and Services Tax (GST) revenue collection. He expressed optimism about achieving a monthly collection of Rs 2 lakh crores within the next 1.5-2 years. Subramanian credited the success to well-formulated tax policies. He expressed deep satisfaction with India’s GDP growth, highlighting a notable 7.6% increase in the second quarter. The executive director commended the resilience and dynamism of the Indian economy in navigating global challenges and stressed substantial growth in a complex international economic landscape.
NEW YORK: KV Subramanian, the Executive Director of the International Monetary Fund (IMF) and former Chief Economic Advisor to the Government of India, praised India’s remarkable revenue collection through the Goods and Services Tax (GST) in November 2023.
Discussing the issue, he conveyed confidence in achieving a monthly amount of two lakh crores rupees within the next 1.5 to 2 years. He credited this anticipated success to the effective tax policies enforced by the government.
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Subramanian stated, “Judging from the current indications, I anticipate that within the next 1.5-2 years, we can anticipate reaching a monthly GST collection of two lakh crores rupees. The commendable performance in GST collection is indicative of successful taxation policies, which, in turn, are part of an overarching effective policy implementation. Therefore, the noteworthy achievement in GST collections underscores India’s dedication to proficient fiscal management.”
On the front of India’s Gross Domestic Product (GDP), Subramanian expressed great satisfaction with the growth trajectory.
Subramanian said, “I’m very gratified to note the 7.6 per cent GDP growth in the second quarter. This comes following the 7.2 per cent growth in FY 23 and the 7.8 per cent growth in the first quarter. So on average, in the first half of the year, the economy has grown at 7.7 per cent, which in a global economy that is facing significant headwinds, I think it’s a spectacular performance by the Indian economy.”
He noted a remarkable 7.6 per cent GDP growth in the second quarter, following the 7.2 per cent growth in the fiscal year 2022-23 and the 7.8 per cent growth in the first quarter of the current fiscal year.
Assessing the first-half performance, he declared an impressive 7.7 per cent average growth, considering the challenging global economic landscape.
Subramanian characterized India’s economic performance as spectacular, especially given the significant global headwinds.
He commended the resilience and dynamism of the Indian economy in the face of these challenges, emphasizing its substantial growth in the midst of a complex international economic scenario.
Subramanian expressed satisfaction with the 7.6 percent GDP growth in the second quarter, following a 7.2 percent growth in FY 23 and a 7.8 percent growth in the first quarter. On average, in the first half of the year, the economy has grown at 7.7 percent. Despite global economic challenges, Subramanian sees this as a remarkable performance by the Indian economy.
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