The government has revised its GDP growth estimate for 2021-22 to 8.7 per cent on account of economic disruptions caused by the Covid-19 pandemic and spike in inflation.
If tax collections in 2022-23 grow by 9.6 per cent, as projected in the Budget, total tax mop-up will be at least Rs 2.1 lakh crore more than the target.
In April, ADB had projected a growth rate of 11% in 2021-22 for India. Meanwhile, RBI also trimmed the country's growth projection by a similar margin to 9.5% in June this year.
The 20.1% growth in Q1 FY22 was largely driven by the base effect. Structural reforms including disinvestment and bank privatisation needed to ensure a sustained growth path.
Except for agriculture and electricity, gas & water supply, no other sector saw output surpassing levels seen in Q1 2019-20. Govt says economy will grow at around 11% in current fiscal.
India's strong external settings will act as a buffer against financial strains despite increased government funding needs in next 24 months, S&P Global Ratings stated.
The credit rating agency said it didn't expect the impact of lockdown this year to be as severe as last year's & predicted real GDP growth to average around 6% over the longer term.
From Sam Pitroda talking about inheritance tax to Goan candidate saying the Indian Constitution was 'forced' on Goa, Congress has been having its own foot-in-the-mouth moments.
The announcement, made by JeM’s Maktab-ul-Rabita, or office for communication, comes 2 yrs after Pakistani officials claimed the militant was living under Taliban protection.
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