New York/Delhi, 02 December (HS): KV Subramanian, Executive Director of the International Monetary Fund (IMF) and former Chief Economic Advisor to the Government of India, has praised India’s gross domestic product (GDP) growth rate and goods and services tax collections in November.
Subramaniam told the media on Saturday, I am very satisfied to see the GDP growth of 7.6 percent in the second quarter of the current financial year 2023?24.This comes after a growth of 7.2 percent in the financial year 2022?23 and a growth of 7.8 percent in the first quarter. The economy has grown at 7.7 percent in the first half of the year, which is an excellent performance for the Indian economy amid headwinds in the global economy.
Subramaniam lauded India’s impressive GST collection in November 2023. He said that within the next one and a half to two years, GST collection can reach Rs 2 lakh crore per month. He attributed this success to the sound tax policies implemented by the government of India. It is noteworthy that GST collection in November was Rs 1,67,929 lakh crore.
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