GDP to grow 6.5% in 2023­-24: Economic Survey

GDP to grow 6.5% in 2023-­24: Economic Survey

• Though global uncertainties are rife and the world economy is slowing, the Survey exuded confidence that India’s GDP would grow 6.5% in 2023­24, after an estimated 7% this year, “supported by solid domestic demand and a pickup in capital investment”.
• “The Indian economy in2022­23 has nearly ‘recouped’ what was lost, ‘renewed’ what had paused, and ‘re­energised’ what had slowed during the pandemic and since the conflict in Europe,” the Survey averred.
• The final growth outcome for 2023­24 could be in therange of 6% to 6.8%, depending on the trajectory of global economic and political developments.

₹1.56 lakh cr.GST mop-up in January second highest so far

• India’s Goods and Services Tax (GST) revenues in January touched nearly ₹1.56 lakh crore evening, marking the second highest monthly collections recorded since the launch of the indirect tax regime in July 2017. 
• January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over ₹1.4 lakh crore. 
• The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were ₹1,67,540 crore. 
• The Finance Ministry attributed the numbers to better compliance in the filing of returns.

Domestic pharma market to touch $130 by 2030

• India’s domestic pharmaceutical market, estimatedat $41 billion in 2021, is likely to touch $130 billion by2030, as per the Economic Survey 2022­23, tabled in Parliament.
• Highlighting the role ofthe Indian pharmaceuticals industry globally, the Survey showed the country was ranked third world wide in terms of production of pharma products by volume and 14th by value. 
• It was the largest provider of generic medicines globally, having a 20% share in global supply by volume, besides being a vaccine maker with a market share of 60% globally.