BJP Extols Record GST Collection as a Milestone in India's Fiscal History

The BJP on Wednesday lauded the record-high GST collection of Rs 2.1 lakh crore, asserting that it highlights the countrys robust economic activity and marks a significant achievement in Indias financial journey.BJP chief spokesperson and Rajya Sabha MP Anil Baluni noted that the International Monetary Fund IMF has also projected Indias growth as the highest among major world economies.

The BJP on Wednesday lauded the record-high GST collection of Rs 2.1 lakh crore, asserting that it highlights the country's robust economic activity and marks a significant achievement in India's financial journey.

BJP chief spokesperson and Rajya Sabha MP Anil Baluni noted that the International Monetary Fund (IMF) has also projected India's growth as the highest among major world economies. It underscores the effectiveness of the policies and reforms spearheaded by the government led by Prime Minister Narendra Modi, he said.

In a statement, he dwelt on other highlights from macro-economic data, including the 17.7 per cent growth in direct tax that stood at Rs 19.58 lakh crore and retail inflation reaching a 10-month low of 4.85 per cent.

He described the strength of the economy as a pivotal moment in India's journey towards economic empowerment which ''reinforces'' the government's commitment to fostering an environment conducive to growth and development.

''This milestone, the historic first-time collections surpassed Rs 2 lakh crore, highlights the country's robust economic activity and growing consumption, marking a significant achievement in India's financial journey. The landmark achievement reflects a promising economic trajectory for the nation,'' Baluni said.

The IMF, he said, has raised India's GDP growth projection for FY24 to 7.8 per cent.

''This significant upward revision reflects India's robust domestic demand, strong public investment and monetary measures. The IMF's projection for India's growth in 2024 and 2025 also remains the highest among major economies,'' he said.

The IMF has also been raising India's GDP growth projection for FY25 and these projections underline the success of the government's strategic initiatives to elevate India's status as a global economic powerhouse, Baluni said.

He added that according to the IMF, India also outperformed other emerging market countries. India's economic performance has been also lauded by other global organisations such as the Asian Development Bank and the World Bank, Baluni said.

''The upward projection of India's economic growth by the IMF is a historic milestone that underscores India's rise as a major global economic power. This achievement is a testament to the country's resilience, innovation and commitment to sustainable development,'' he said.

The BJP leader said this milestone reflects India's successful transformation under Modi's leadership, driven by strong public support. It signifies India's potential to play a pivotal role in shaping the future of the global economy while creating a brighter and more prosperous future for all its citizens, he added. Through a dynamic leadership, Prime Minister Modi has guided the entire nation through challenging global circumstances, ensuring that India remains on a path of inclusive growth, Baluni said.

With the mantra of ''Sabka Saath, Sabka Vikas'', the BJP is committed to taking the nation forward, and Modi will remain at the helm for a third term after the general elections, he said.

''It is 'Modi Ki Guarantee' that through the public's blessings and the government's effective initiatives, India will step further towards being the third largest economic power globally,'' the BJP chief spokesperson said.

The finance ministry in a statement said that the country's gross GST collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent year on year driven by a strong increase in domestic transactions and imports. GST collections breach landmark milestone of Rs 2 lakh crore, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)