Latest news with #IndiaEconomy
Times of Oman
9 hours ago
- Business
- Times of Oman
India: GST collections in May 2025 up 16.4% to Rs 2.01 lakh crore
New Delhi: The gross Goods and Services Tax (GST) collection rose 16.4 per cent to Rs 201,050 crore, according to official data released on Sunday. In May 2024, the collections were to the tune of Rs 172,739 crore. In the month of May, collections of CGST, SGST, IGST, and cess all rose year-on-year. So far in April-May 2025-26, the GST collections were at Rs 437,767 crore, up 14.3 per cent from Rs 383,006 crore in the same period last year. GST collection in 2024-25 stood at Rs 22 lakh crore, up 9.4 per cent year-on-year. During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, with an 11.7 per cent increase. The recent GST collections reflect a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wristwatches; TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero, benefiting people of this country. The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan.
Reuters
3 days ago
- Business
- Reuters
India's GDP grows 7.4% in Jan-March qtr, fastest in a year
NEW DELHI, May 30 (Reuters) - India's economy grew 7.4% in the January-March quarter from the same period last year, its fastest in a year, and up from a revised 6.4% in the previous three months, data released on Friday showed. That was above the 6.7% expansion in gross domestic product forecast in a Reuters poll for the March quarter.
South China Morning Post
6 days ago
- Business
- South China Morning Post
With India set to be world's No 4 economy, calls for deeper reforms get louder
With India poised to overtake Japan as the world's fourth-largest economy, industry players have hailed the International Monetary Fund's (IMF) forecast as a sign of the South Asian country's growing global stature, even as they call for deeper reforms to boost its competitiveness. India's nominal gross domestic product (GDP) is projected to rise to US$4.187 trillion in the 2025–26 financial year, surpassing Japan's US$4.186 trillion economy, according to the IMF's world economic outlook released in April. If realised, India's GDP will rank behind that of the United States, China and Germany. Speaking at a briefing over the weekend, B.V.R. Subrahmanyam, CEO of India's state-run think tank Niti Aayog, attributed India's economic ascendancy to favourable geopolitical conditions, strong domestic fundamentals, and its increasing significance in global supply chains in tandem with changing trade patterns. Despite the sweeping global tariffs introduced by the US, India may benefit from relatively lower levies compared with those imposed on Washington's other trade partners, according to analysts. In response to the India's economic ranking, billionaire businessman Anand Mahindra has called for a rise in the country's GDP growth as well as GDP per capita. 'While I was in business school, the idea of India overtaking Japan in GDP felt like a distant, almost audacious dream,' Mahindra said in a post on X.
Times of Oman
25-05-2025
- Business
- Times of Oman
India is now the fourth-largest economy, surpassing Japan
New Delhi : In a matter of just less than three years, India has taken another stride, pipping Japan to become the fourth-largest economic powerhouse. In September 2022, India had surpassed the UK to become the fifth-largest economy. On Friday evening, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on 'Viksit Rajya for Viksit Bharat 2047', NITI Aayog Chief Executive Officer (CEO) BVR Subrahmanyam said that India has overtaken Japan to become the world's fourth-largest economy. This is a proud moment for the country and India's position would strengthen further in the coming years, on the back of prospects of higher economic growth. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. "We are the fourth largest economy as I speak. We are a USD 4 trillion economy, and this is not my data; this is IMF data. India today is larger than Japan. It's only the United States, China, and Germany which are larger, and if we stick to, you know, what is being planned, what is being thought through, it's a matter of another 2.0-2.5 to 3 years; we would become the third largest economy," said BVR Subrahmanyam. According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. The international financial institution projects that India will remain the fastest-growing major economy over the next two years. India's economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers, the April 2025 edition of the IMF's World Economic Outlook had said. India is among the fastest-growing major economies and is projected to remain so over the next few years, as many global agencies have anticipated. Even as India has overtaken Japan in terms of the size of the economy, the per capita income in India remains very low. In contrast, the IMF projects global economic growth to be much lower, at 2.8 per cent in 2025 and 3.0 per cent in 2026, highlighting India's exceptional outperformance. The CEO of NITI Aayog further stated that India is at a turning point and at a take-off stage where it can "grow very, very rapidly." In 2013, India was placed in the league of 'Fragile 5' economies. The term 'Fragile 5' was coined by a Morgan Stanley analyst and refers to a set of five emerging countries, including India, whose economies were not doing well. The other four countries were Brazil, Indonesia, South Africa, and Turkey. Since then, India has made quite a turnaround, climbing the ladder of economic growth. This can be gauged from the fact that from 11th in 2013-14, India has now positioned itself as the fourth largest economy. To realise the vision of 'Viksit Bharat' or a developed nation dream by 2047, India will need to achieve a growth rate of around 8 per cent at constant prices, on average, for about a decade or two, the Economic Survey document for 2024-25 tabled on January 31 asserted. Talking to ANI, Chief Economist at Infomerics Ratings, Manoranjan Sharma said, "...We are the fourth largest economy in the world things proceed, we see a GDP growth of 6.2 per cent in 2025 and 6.3 per cent in 2026. With this kind of a growth, we expect to overtake Germany and become the third-largest economy in a span of 2-2.5 years..." The economist said demographic dividend, domestic economic reforms, and global cues have pushed the Indian economy. "We expect India will consistently grow in a band of 6.5 per cent to 7.5 per cent, and with this kind of a growth rate, we expect a significant rise in per capita income, (besides) India's growing economic ascendency at the global level," Economist Sharma added. Charan Singh, CEO and Founder Director of Egrow Foundation, said, "It's a great success story that India has become the fourth-largest economy in the world. The Prime Minister should be congratulated because we have followed his strong policies. He has asked the states to come together in our journey to become developed by 2047. It's a challenge, and I think we should accept challenges. It's good news."
Times of Oman
25-05-2025
- Business
- Times of Oman
India's Q4 FY25 GDP growth likely to accelerate to 7.0%: UBI report
New Delhi: The growth rate of the Indian economy in the fourth quarter of the financial year 2025 will clock 7.0 per cent, with an uptick from the third quarter (Q3 FY25) of 6.2 per cent, according to a report by Union Bank of India (UBI). As per the UBI report, the revised estimate for full-year FY25 growth is likely to be lowered to 6.3 per cent from 6.5 per cent previously. Gross Value Added (GVA) growth for Q4 FY25 is likely to improve to 6.7 per cent from 6.2 per cent in Q3 FY25, the report added. The report added that high-frequency indicators present a mixed trend, though the economic activity index indicates a slight upward bias. "Our heatmap of high-frequency indicators shows a mixed picture even as our economic activity index signalled a mild upward bias. The latter tracks well with GVA ex agri & government, a metric of private sector activity, and hence we see it showing a pickup to 6.8 per cent in Q4 from 5.9 per cent in Q3 FY25," the report added. Citing the RBI Bulletin, the report says that indicators signal a sequential improvement in economic momentum during the second half of FY25, with this trend expected to continue. The RBI's GDP nowcast projects Q4 FY25 growth at 6.6 per cent. Factors such as a possible revival in rural demand, continued government spending, and large-scale religious events like the Mahakumbh are likely supporting this recovery. "Apart from a likely revival in rural demand and a sustained pickup in government spending, other factors like the organisation of mass religious gatherings via the Mahakumbh (Rs 2 to 3 lakh Cr nominal growth impact as per media reports) may have played a key role in supporting growth recovery," the report added.
