The Governor of the Reserve Bank Of India, Shaktikanta India, on Tuesday shed light on India’s economic growth and progress, while addressing a meeting at the 188th AGM (Annual General Meeting) of Bombay Chamber of Commerce & Industry.
He highlighted that India has been on its way towards a major structural shift in the course of its growth. He asserted that the country has been steadily moving towards an eight per cent GDP growth with an average growth of 8.3 per cent that was recorded in the last three years.
“If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth,” the Governor had stated.
He also went on to mention India’s stride towards contributing to the global economy and asserted that the Indian economy has been a contributor of a major share in the global market during the previous year, marking a great achievement for the country.
“Indian economy in the last financial year 2023-24 contributed to 18.5 per cent of the global growth, i.e., 18.5 per cent of the global growth was driven by India. It is an achievement; it was much lower 7 or 8 years ago and I think the IMF projects this growth to go up,” he stated.
According to the Governor, the implementation of GST, Insolvency and Bankruptcy Code as well the Flexible Inflation Targeting have been the major driver of this economic progress. “The main drivers of this growth, particularly in the last three years, are the various structural reforms which have been undertaken and several other policy initiatives that have been undertaken in the country, including GST,” he added.
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“It (GST) has the advantage of avoiding the multiplicity of taxes. GST is one of India’s biggest structural reforms since 1947,” he further asserted addressing the achievements of GST and how imperative it is for the growth of the company’s GDP and economy.
While stating that India is gearing up to become the third largest economy in the world as compared to the current position of being the fifth largest, he also added that GST has been well received in the country despite being witness to some countries that had to recall GST after implementation.
He revealed that currently the GST collections have reached 1.7 Lac Crore within a month and is now ranging between 1.5 to 1.7 lac crore every month
