Is it time to plan for better times and make goals for enhanced revenue? That seems to be the promise of Union Minister of Commerce and Industry, Piyush Goyal who believes that the Indian economy is back on track to meet all its growth related indicators and projections head on, after the pandemic effect. Here are some of observations he has laid down in terms of indicators of economic growth and stability:
- Exports are at an all time high with a 7 month average of approximately 235 Billion USD. That figure definitely puts a quick question mark on the climate change commitment amid all the Indian economy growth, especially after climate goals were a no show at the G20 summit where India was one of the participants as well. One needs to understand what kind of carbon footprints and emissions we are leaving behind before we set a value on the transport and sale of goods and services across far flung geographical borders.
- Enhanced Capabilities and Capacities. Both these factors are of vital importance and in keeping with the trade and education emphasis reiterated by PM Modi at the Cop26 event where he talked about India’s priorities after the pandemic. The heartening thing here is to see how many solutions have emerged from India itself, during the pandemic, from PPE kits to Vaccines, further fuelling the growth of the Indian economy.
- This brings us to taxation, where the GST collections reached a record high of 1.3 Lakh Crore INR and the demand for PMI services reached a decade long high. This comes hot in the heels of the G20 summit where the major economic powers including India discussed better taxation policies and benefits so as to prevent people from parking their tax money in tax havens. This also creates better opportunities for economic growth and the opportunities that come with it.