Economy on stable footing to navigate risks, says FinMin
New Delhi, Nov. 28 -- India's economy enters the second half of the current financial year on a stable footing, anchored by well-contained inflation, resilient domestic demand and supportive policy dynamics, the finance ministry said in its monthly review, while cautioning against global uncertainties. The macroeconomic developments in October indicate a stable and resilient domestic economy, supported by low inflation and firm consumption trends because of significant reduction in GST rates, according to the Monthly Economic Review for October released on Thursday.
The GST Council on September 3 approved slashing rates on 375 items effective from September 22 with a revenue impact of about Rs.48,000 crore based on 2023-24 consumption patterns.
The move gave a major boost to both urban and rural demands, reflected in record festive-season automobile sales and a notable rise in tractor sales.
The report credited reduction in indirect tax rates, a favourable base effect, and declining food prices for easing headline inflation that was an all-time low of 0.25% in October....
To read the full article or to get the complete feed from this publication, please
Contact Us.