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.
For all their colonial underpinnings, postcards from Hyderabad also inadvertently preserve a trace of local memory: a glimpse of a street, a face, a forgotten name.
Indian toymakers are now exploring new markets, but they want govt to negotiate a trade deal with US soon, introduce incentives and subsidies to make the industry more competitive.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
COMMENTS