The Indian economy is on track to surpass 7 per cent growth rate in Fiscal Year 2023 with manufacturing being the key driver, according to a report released by the State Bank of India.
The Economist noted that the bankruptcy reforms introduced by the Narendra Modi government in 2016 helped in the rapid liquidation of failing companies and also forced 'delinquent businesses to pay up.'
This is the first time that the gross GST revenue collection has crossed the mark of Rs 1.75 lakh crores. The GST revenue collection for March 2023 was Rs 1,60,122 lakh crores.
Earlier in 2019, British consultancy multinational, PwC, had predicted that India would overtake the UK in the rankings of the world’s largest economies