Revival in consumption, high inflation rate and partial impact of the rate hike decisions taken in the 47th GST council meeting — which came into effect from July 18 — along with broader economic recovery supported the increase in GST revenues.
GST collection has remained over the Rs 1.4-lakh-crore mark for the sixth straight month in August.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was little changed from July's reading of 56.4, posting 56.2 in August.
Household spend, investment spur fastest y-o-y growth in four quarters
Meanwhile, as per a PTI report, Finance Secretary TV Somanathan said the Goods and Services Tax (GST) collection in August is likely to be in the range of Rs 1.42-1.43 lakh crore, or about 27 per cent more than in August 2021.
India's Q1 GDP Growth Data to Release Today, GDP data for April-June 2022 Quarter: India's gross domestic product (GDP) rose 13.5 per cent during the April-June (Q1) period of financial year 2022-23.
“Even if you have relatively conservative real rates of growth of 7-7.5 per cent, we will get to a per capita income of about $10,000 by 2047,” he said.
Though economic growth is expected to increase, most economists have kept their estimates lower than the 16.2 per cent estimate of the Reserve Bank of India (RBI).
The Union Minister also hinted at sustained support to exports, as “these are facing external headwinds” and steps to attract more foreign investment.
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On the proposed four labour codes, the Prime Minister said in the last eight years his government has taken the initiative to abolish various laws dating back to the colonial era, which also reflected the ‘slave mentality’.
Consensus with industry on allowances being capped at 50% of total salary
“Inflation has peaked and price gains are getting anchored,” Das said in an interview with television channel ET Now on Tuesday, adding that the central bank is watching every incoming data and there’s “no room for complacency.”
The report added that global investor confidence in India’s economic landscape is further endorsed by net foreign direct investment inflows remaining robust at $13.6 billion in Q1 of FY23, against $11.6 billion in the corresponding year-ago period.
On the price situation, the review said in absence of any further shocks, the downward movement of global commodity prices along with the RBI's monetary measures and the government's fiscal policies are expected to cap inflationary pressures in the coming months.
At its meeting from August 3 to 5, MPC decided to increase the benchmark lending rate by 50 basis points to 5.40 per cent with a view to tame inflation.
Increase in gold and oil imports during the first four months of this fiscal contributed to a record trade deficit of USD 30 billion, against USD 10.63 billion in April-July 2021.
In eight years, this will be the first time the RBI would have let retail inflation slip beyond the upper tolerance limit of 6 per cent for three straight quarters.
The guidelines also provided a checklist for the officers wanting to arrest an alleged GST offender. The list includes questions such as whether the alleged offender is likely to tamper with evidence or intimidate witnesses, and if the person is the mastermind of the offence committed.
Retail inflation based on the consumer price index (CPI) softened to 6.71 per cent in July, mainly on account of moderation in food prices.
WPI Inflation July 2022, India's WPI Inflation: The wholesale price index (WPI) had spiked to 15.18 per cent in June and it rose to 16.63 per cent in May, the data from the Ministry of Commerce & Industry showed.
Exports rise 2.1% in July while imports surge 43.6%
CPI down TO 6.7% in July, IIP up 12.3% in June; manufacturing, which accounts for three-fourth of IIP, rose 12.5% in June
CPI Inflation Rate July, IIP Growth Rate June 2022 Updates: The retail inflation, measured by the Consumer Price Index (CPI), eased to 6.71 per cent in July. Separately, the factory output, measured in terms of the Index of Industrial Production (IIP), grew by 12.3 per cent in June.
The Aug. 2-9 Reuters poll of 48 economists showed inflation, as measured by the consumer price index (CPI), likely fell to an annual 6.78% in July, a five-month low, from 7.01% in June.