Rajya Sabha MP Kartikeya Sharma delivered a comprehensive overview of the Indian economy on Wednesday, emphasizing the positive strides under the current government. Speaking on the GST, he highlighted the alignment of provisions in the Goods and Services Tax Act, 2017, with the Tribunal Reforms Act, 2021, applauding the Prime Minister for these initiatives.
The amendment specifically targets the Central Goods and Services Tax (CGST) Act, 2017, governing the levy and collection of GST on intra-state supply of goods and services. While 28 tribunals have been named, they are still in the process of being established. Sharma underscored the significant impact of GST, not only broadening tax collection but also contributing to the expansion of the Indian economy. Over the past nine years, the country has witnessed substantial progress. Per capita income rose from Rs 68 thousand in 2013-14 to an impressive Rs 1 lakh 80 thousand in 2022-2023. Capital expenditure surged from Rs 3.9 lakh crore in 2014 to Rs 10 lakh crore in 2023 under Prime Minister Narendra Modi.
Between 2004 and 2014, tax collection stood at 19 lakh crore, witnessing remarkable growth to 70 lakh crore in the past nine years. April 2023 recorded a GST collection of 1.87 crore, with monthly collections reaching 1.69 lakh crore. India’s foreign exchange reserves increased from 3.9 billion to over 5.93 billion.
The ongoing digitalization of India was highlighted, with over 100 billion digital transactions in the financial year 2023. Projections indicate a surge to over 411 billion transactions by 2027.
India’s GDP achieved a remarkable growth rate of 7.6%, drawing praise from the International Monetary Fund (IMF), which acknowledged India’s contribution of 16% to global economic growth. Sharma attributed the success of the Indian economy to the robust policies of the current government, led by Prime Minister Modi.
