Wednesday, October 20, 2021
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Energising Indian Economy

Economy is going to touch seventh heaven and it is a good news for Indian economy. After the Tsunami of demonetisation and GST, this boost predicted economic growth from 7-7.5 per cent GDP growth in 2018-19 in the fiscal year and it is a good sign for a developing country like out. Thanks to GST there has been a 50 per cent increase in the number of indirect tax payers. To add to those FDI equity inflows, during the period April-October 2017-18 in top 10 sectors grew by 15 per cent. The widening tax base and global trade helps the state very much. It is a healthy sign after a lull for some time. Finance Minister has given greater leeway to choose between populism and prudence in the ensuing Union budget and thus India can regain its pole position. The survey has accordingly pegged the country’s growth at 6.75 per cent in the current fiscal and expected to grow fast in the next couple of months. If all actions happen on time and are accepted without glitches then there are chances of private investment coming in the relevant period. India has seen sudden and substantial reallocation of wealth from gold and real estate. Now, it is making waves just like our stock market and if areas of concern are taken care then cyclical conditions may lead to lower tax and non-tax revenues in 2017-18. It is indeed a sea change in energising our economy.

C.K.S. Maniam

(The views expressed by the author in the article are his/her own.)

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