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Over 7 pc growth, 2nd highest GST collection: Economic indicators augur well in poll season

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New Delhi, March 1: While the world powers grapple to rev up their economies in the post-Covid phase, India is yet again turning out to be the ‘bright spot’, on the back of its impressive economic parameters and growth outlook.

India’s Gross Domestic Product (GDP) growth is slated to attain a new peak, sectors like manufacturing and automobiles have started looking up again, and the GST collections are attaining new highs. All these indicators augur well for the country’s growth and have also come as a major boost for the incumbent Narendra Modi government.

Political watchers see this as a “strong rallying point” for the Bharatiya Janata Party (BJP)-led government at the Centre as inclusive growth and economic upliftment have been its major poll planks.

Prime Minister Modi’s personal push for making growth one of the party’s main war cries in elections is a known fact and the numbers, from GDP to GST to inflation, are only adding to the party’s benefit.

The GDP estimates, released by the National Statistical Office on Thursday, saw India’s resilient growth in the Financial Year 2023-2024. It recorded real GDP growth in Q3 of FY 23-24 at a whopping 8.4 per cent, aided by double-digit growth in manufacturing and construction activities.

Overall, the economy is expected to grow above 7.6 per cent in the current financial year.

India Inc hailed the numbers and many saw it as India’s resurgence amidst a cloudy economic scenario.

The GST collections also recorded stellar growth. It saw robust growth of 12.5 per cent in February (year-on-year) and rose to record Rs 1.68 lakh crore, the second highest in a month. Gross GST collection for the year also increased by 11.7 per cent.

Moreover, vehicle sales set a new record of 4.1 million while inflation was logged at a three-month low of 5 per cent. On Friday, Sensex also breached new barriers and closed at an all-time high of 73,574.

All these economic indicators show that the economy is on an uptrend and the country is headed for another phase of bullish growth.

Contrary to this, the Western counterparts are clocking “not very encouraging” numbers in terms of economy.

The ramifications of the Russia-Ukraine military conflict and the Israel-Hamas war are only pilling up and will only add more pressure on the already “burdened” economies.

India looks much in control, as compared to its Western and developed counterparts. But, naysayers do find a reason to count the country’s drawbacks and throw mud at the Centre.

Congress and other rival parties have gone to great lengths, berating the government on issues like unemployment, price rise, and farmers’ grievances while mobilizing support for regressive policies like the ‘Old Pension Scheme’ and caste-based Census.

Political pundits rightly find the reason behind the lacklustre opposition before the brand Modi.

“In today’s age, when PM Modi is hard-selling the $5 trillion economy dream to countrymen, Rahul Gandhi and his company (opposition leaders) are occupied with caste census. They have clearly failed to grasp the nation’s mood and don’t represent the aspirations of young India,” says one of them.

IANS

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