India is the fastest-growing economy: Union Minister of Finance and Corporate Affairs Ms. Nirmala Sitharaman
- IBEF
- December 8, 2023
On December 7, 2023, the Union Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman, stated that India's second-quarter growth is the highest globally, reaffirming its position as the fastest-growing economy. During a debate in Rajya Sabha on the country's economic situation, which spanned three days and involved numerous members, the minister emphasised that the July-September GDP was strong and that the government has consistently sustained its momentum as the fastest-growing major economy.
Union Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman, announced that India is the world's second most sought-after manufacturing hub. Furthermore, direct tax collections have increased by 21.82% this year, and monthly GST collections have stabilised at Rs. 1.6 lakh crore (US$ 19.19 billion), indicating a positive trend in the country's economic growth.
She stated that India's merchandise exports rose by 6.21% to US$ 33.57 billion in October 2023. She also emphasised that all sectors in the country are growing significantly due to the central government's policies, including the Make in India program and Prime Minister Mr Narendra Modi's schemes. Furthermore, the manufacturing sector's contribution to the economy is 13.9%, and the Purchasing Managers Index (PMI) in November was 56, indicating sustained growth compared to developed economies with a contractionary manufacturing PMI.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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