New Delhi: As per the provisional estimates released by the National Statistical Office (NSO), Indian economy in 2021-22 has fully recovered the pre-pandemic real GDP level of 2019-20, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Lok Sabha.

Giving more details, the Minister stated that as per provisional estimates released by the NSO, Indian economy in 2021-22 has fully recovered the pre-pandemic real GDP level of 2019-20.

The real GDP growth in 2021-22 stands at 8.7 per cent, 1.5 per cent higher than the real GDP of 2019-20. Owing to the recent global crisis, various international agencies, for FY 2022-23 and FY 2023-24, have revised downward the growth projections of several countries including India.

The Minister stated that the Central government reduced the central excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively effective from May, 2022 to give a further fillip to the economy and to boost consumption and keep inflation low, thus helping the poor and middle-income classes.

The Minister stated that the government’s recent initiatives such as an increase in customs duty on gold imports from 10.75 per cent to 15 per cent, imposition of cess of Rs 17,000 per tonne by way of special additional excise duty-SAED on domestic crude.

He further stated that GST collections in the first quarter of 2022-23 registered a growth of 36.4 per cent compared to the corresponding period of the previous year indicating a stronger revenue position of the government. A recent revision in GST rates is expected to further boost Government’s revenue collections. /BI/

ReplyReply allForward