The figures of the Indian economy are being seen defeating the recession that is being talked about in the world. Let’s take a look at those figures, because of which India is looking strong.
India Beat Recession: Global Recession from World Bank, IMF, World Economic Forum and other organizations of the world (Global Recession) The matter is coming to the fore. All the economic leaders are talking about the recession and its effect. China’s GDP recently (China GDP) The figures have come, which is showing a growth of 3 percent. These figures have been seen worst for the second time in the last 50 years.
A day ago, all the data from the manufacturing of America has been seen, which are very bad. In such a situation, the matter of recession cannot be denied, but the figures of India are testifying something else. The figures of the Indian economy are being seen defeating the recession that is being talked about in the world. Let’s take a look at those figures, because of which India is looking strong.
GST collection record level
In the month of December, the GST collection for 10 consecutive months appeared beyond Rs 1.40 lakh crore. 1,49,507 crore has been done by the government in December. Which is 15 percent more than in the same period a year ago. Under which CGST Rs 26,711 crore, SGST Rs 33,357 crore and IGST Rs 78,434 crore have been seen. This means that there is a steady increase in the indirect tax collection.
Increase in direct tax collection
On the other hand, there has been an increase of 20 percent in the direct tax collection in the month of December. According to the figures of the Income Tax Department, the total direct tax collection in the month of December was Rs 12.31 lakh crore. This tax collection is 86.68 percent of the estimate of direct taxes in the total budget for the financial year 2022-23. This means that the government is moving fast on the direct tax front as well.
800 days biggest boom in manufacturing industry
India’s manufacturing industry has seen the biggest boom after 800 days. In December 2022, a big figure has been touched in this sector after October 2020. The reason for this is said to be improvement in business conditions, increase in new orders and output. On Monday, the Manufacturing Purchasing Managers’ Index compiled by S&P Global rose to 57.8 in December from 55.7 in November, better than a Reuters poll median forecast of 54.3.
Service sector at 6 month high
According to S&P Global PMI data, India’s Services PMI increased to 58.5 in December from 56.4 in November. According to the report, the health of the Indian service sector has improved in the last month of 2022, with rapid production growth in new businesses. According to the report, jobs increased and companies were excited about the new year. After June 2022, the biggest increase in December PMI i.e. the biggest increase of 6 months has been seen. It is clear from this data that the effect of recession in India is negligible.
retail inflation data
On the other hand, there has been a decline in inflation for the second consecutive time in India. Talking about retail inflation, the inflation has come down to 5.72 percent in the month of December, which is less than the tolerance level of 6 percent of RBI. In the month of November, retail inflation was at 5.88 percent. Whereas in the month of October, the figures of retail inflation were more than 6.50 percent. The main reason for the low inflation in the month of December was the low food inflation, which is about 40 percent of the inflation bucket, came down to 4.19 percent in December, while it was 4.67 percent in the previous month. Retail inflation in the month of December is the lowest in almost a year.
Wholesale inflation lowest in 22 months
In the month of December 2022, wholesale inflation came down to 4.95 percent. This decline was mainly due to a decrease in the prices of food items and crude oil. Wholesale inflation was 5.85 percent in November 2022 and 14.27 percent in December 2021. Currently, wholesale inflation is at a 22-month low in the country. This means that there is no effect of recession in the country at all.
Boom in the industrial sector as well
The figures of the Index of Industrial Production ie IIP have also been very good. According to government data, there has been a jump of 7.1 per cent in IIP in the month of November. Whereas in the month of October this figure was at 4 per cent. According to the Chief Economist of ICRA, further improvement can be seen in the figures of December, which will be seen in the month of February.
: Language Inputs