Increased stability in several macroeconomic variables lends to this positive outlook post-pandemic tax buoyancy continues at the Central level and in many states, growing at more than 20 percent YoY. Average monthly GST collections in FY23 was Rs 1.51 lakh crore. India also continues to strengthen its financial and banking governance. The manufacturing and construction sectors, which have strong feedforward effects into other economic sectors like materials consumption, employment and tax generation, are expanding with multiple population-scale projects. Fiscal deficit targets are also returning to the lower pre-pandemic levels. The nation continues to be a favoured destination for global investment and a significant component of most foreign investors' Asia allocations.
Driving Capex & Inclusive Growth
The Central government continues to drive significant capex, building on quantity and quality, as they have in successive Budgets for nearly a decade. The pace of highway construction has grown almost 300 percent in the last seven years total length has increased from 1,289 km in FY16 to 3,963 km in FY22. Rural road connectivity and coverage are now at 99 percent. A total of 400 high-speed Vande Bharat trains have been commissioned, of which 16 are already operational. Most Indians, especially in the rural areas, had probably not witnessed infrastructural development in their lifetimes before the NDA government's slew of projects.
This story is from the 17 June 2023 edition of Business World India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the 17 June 2023 edition of Business World India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Powerful, Peculiar Perquisites
MOST COMPANIES recognise that people are key to their success. Competition is all about the war for talent. Higher compensations can, in many cases, attract that brilliant leader or the tech genius, but a competitor may well offer even more. This race is financially draining and not really a great strategy.
Shaping The Future Of India's Infrastructure
RUPEN PATEL on the achievements of the engineering and construction major including the iconic projects rendered by it, nation building, focus on sustainable practices and much more
WHY DON'T WE SUE BRITAIN?
I WAS WORKING ON my next column for BW – on one of my favourite themes like ‘Sustainability’, ‘Inclusivity’, ‘India Shining’ etc.
LIFE AND TIMES OF A MEDIA TITAN
DD Purkayastha's autobiography captures his 42-year tryst with the ABP Group, delving into various aspects of his professional and personal experiences, as well as insights into the factors that have shaped his character and career trajectory
THE SONET STRIKES BACK
The sub-4-metre SUV segment in India has been a battlefield for automakers, each vying for supremacy with their unique propositions. With the launch of 2024 Kia Sonet, the South Korean automaker is sharpening its edges in this competitive market
SLEEK, SUBTLE, COMPACT AND EASY TO CARRY
The HP Omen Transcend 14 targets a niche market that is growing day by day. Statistically, never in history, was there a better time to launch a gaming laptop, says Deep Majumdar
Geopolitical Resilience for Indian Companies
It's in crisis that inventiveness is born, as well as discoveries made and great strategies arise. He who overcomes crisis, overcomes himself, without getting overcome. - Albert Einstein
The Sourav Ganguly Era
Lessons in Leadership from Indian Cricket - 2
Leadership Challenges Were Not This Long, Before
LEADING IN TODAY’S dynamic environment presents unprecedented challenges. The list of challenges is never-ending. They include navigating complex decisions, staying resilient, inspiring teams, staying innovative, and continually adapting to the constantly changing ecosystem.
The Supreme Court Emerges as a Net Zero Polestar
'Dharma exists for the welfare of all beings. Hence, that by which the welfare of all living beings is sustained, that for sure is dharma,' - Mahabharata (Shanti Parva 109.10)