In a session at the Rajya Sabha on December 7, 2023, Union Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman, underscored India’s remarkable economic performance in the second quarter, affirming its global leadership as the fastest-growing economy. During the three-day economic debate, she highlighted the robust GDP growth from July to September, asserting that India has consistently maintained its status as the fastest-growing major economy.
Ms. Sitharaman further declared India as the world’s second most sought-after manufacturing hub, citing a notable 21.82% increase in direct tax collections this year. Monthly GST collections, stabilizing at Rs. 1.6 lakh crore (US$ 19.19 billion), reflect a positive trajectory in the nation’s economic advancement.
The minister reported a 6.21% rise in merchandise exports to US$ 33.57 billion in October 2023. She attributed this growth to the comprehensive policies of the central government, including initiatives like the Make in India program and Prime Minister Mr Narendra Modi’s schemes, contributing to significant expansion across all sectors.
Highlighting the manufacturing sector’s pivotal role, accounting for 13.9% of the economy, Ms. Sitharaman pointed out the Purchasing Managers Index (PMI) reaching 56 in November. This index signifies sustained growth, in stark contrast to developed economies experiencing contractionary manufacturing PMI. The minister’s statements reinforce India’s economic resilience and global competitiveness.
