Executive Director of the International Monetary Fund (IMF) and Former Chief Economic Advisor to the Government of India, KV Subramanian, praised India’s impressive revenue collection through the Goods and Services Tax (GST) in November 2023. He expressed optimism about reaching two lakh crores rupees per month within the next 1.5-2 years, attributing this success to sound tax policies implemented by the government.
Subramanian highlighted that the positive performance in GST collections reflects the broader success of India’s well-crafted taxation policies, showcasing the country’s commitment to effective fiscal management.
Regarding India’s Gross Domestic Product (GDP), Subramanian expressed great satisfaction with the growth trajectory. He noted a remarkable 7.6% GDP growth in the second quarter, following the 7.2% growth in the fiscal year 2022-23 and the 7.8% growth in the first quarter of the current fiscal year. Assessing the first-half performance, Subramanian declared an impressive 7.7% average growth, considering the challenging global economic landscape.
Subramanian characterized India’s economic performance as spectacular, especially given the significant global headwinds. He commended the resilience and dynamism of the Indian economy in the face of these challenges, emphasizing its substantial growth in the midst of a complex international economic scenario.
