Page 33 - NIS 01-15 JAN 2022 English

Growing GDP Economy
EC
ECONOMY
OMY
ON

FRE
ED FROM THE
SHADOW

FREED FROM THE SHADOW
OF COVID PERIOD
OF
RIOD
COVID PE

The economic data for November indicates
The economic data for November indicates
that the Indian economy is going from
that the Indian economy is going from
strength to strength. On one hand, the GDP
strength to strength. On one hand, the GDP
growth rate of 8.4% in the second quarter
growth rate of 8.4% in the second quarter
of this financial year surprised the world,
of this financial year surprised the world,
whereas the GST collection also reached
whereas the GST collection also reached
a record level of Rs 1.31 lakh crore. This
a record level of Rs 1.31 lakh crore. This
growth rate is the fastest in the world, while
growth rate is the fastest in the world, while
the record GST collection is the second-
the record GST collection is the second-
highest since the GST was implemented in
highest since the GST was implemented in
July 2017......
July 2017......
even years ago, when Narendra Modi devastating second wave of Covid. But it
took over as the Prime Minister of the was because of the astute policies of the
Scountry the economy was straying its government that the economy gained pace. As
way in terms of GDP. While on one hand the a result, the rating agencies which had earlier
inflation was rising the foreign investment downgraded Indian's growth rate have to revise
remained stagnant. The country was looking their forecast. According to the data released
for a turnaround in the economy. Amidst this on November 30, the GDP in the second
perplexing scenario, the biggest challenge quarter of the financial year 2021-22 has been
was to revive the economy. Several historical 8.4%. A high GDP growth rate signifies India's
initiatives were taken to give impetus to the ability to tide over the adversities to fulfill
economy which included one nation-one tax, the collective aspirations of its citizens on
reduction in corporate tax, providing support which Prime Minister Narendra Modi says- A
to MSMEs, and IBC code. However, when the Finance Ministry report, released just before
economy fell to a negative figure of 24.4% in the release of GDP figures for the second
the second quarter, last year owing to Covid quarter, highlighted that fast vaccination and
several doubts were raised. But the economic the festive season will accelerate the revival
naysayers were silenced after the GDP again of the Indian economy and thereby reduce the
returned to positive figures in the quarter of demand-supply gap and increase employment
October to December 2020 post lockdown opportunities. The figures for the second
period due to Covid. quarter have proved these estimates of the
After this, the country witnessed the Finance Ministry right

New India Samachar January 1-15, 2022 31