Explainer: The picture is clear about the recession in India, know what these five signs say?
Recession in India: Is there going to be a recession in India or not? In response to this question, different types of statements are coming out from different forums. In a World Bank report released on 15 September, it warned the world that the world was going to be in the grip of a severe recession in early 2023. Recently, India’s Chief Economic Adviser V Anantha Nageswaran has said that the Indian economy is in a better shape and its growth momentum is maintained despite several simultaneous crises at the global level.
Finance Minister clarified the picture
The possibility of recession in India is less than in any other country. India’s growth rate is also good at this time. It is expected to remain in the range of 6.5 percent to 7 percent in the current financial year, which is considered good considering the inflation rate of 7.4 percent. When the Finance Minister was asked a question about this last month, he had said that for the last two years, while agencies like the World Bank and the International Monetary Fund (IMF) are talking about the poor economic condition of the world, they say that India The world’s fastest growing economy. In such a situation, there is no question of India going into recession.
Record GST Collection
The first evidence of strong customer demand in the country comes from the GST collection data for the month of October. The Goods and Services Tax (GST) collection in the month of October has created the second highest ever record. In the month of October, the GST collection increased by 16.6 percent to the level of Rs 1.52 lakh crore. The GST collection had hit a record high of around Rs 1.68 lakh crore in April. In October last year, this figure was over Rs 1.30 lakh crore. According to an official statement, the gross GST collection in October 2022 was Rs 1,51,718 crore. The share of Central GST is Rs 26,039 crore, State GST Rs 33,396 crore and Integrated GST is Rs 81,778 crore (including Rs 37,297 crore collected on import of goods).
enough cash in the market
According to the data released by the Reserve Bank of India (RBI) on a fortnightly basis on November 4, the level of currency in public circulation rose to Rs 30.88 lakh crore till October 21 this year. This figure was Rs 17.7 lakh crore in the fortnight ended November 4, 2016. Experts always say that when cash is available in the market, there is buying and selling, which helps in keeping the economy stable.
Due to the wedding season, the market will remain bright
In the midst of a world battling recession, the markets of India were bright due to the festive season. Small to big traders were able to openly do their business for the first time since the Kovid epidemic. According to a report, a business of 45 thousand crores was done on the occasion of Dhanteras alone. Buoyed by the vigorous business on Diwali this year, traders across the country including Delhi are now gearing up for the wedding season shopping. It will run from November 14 to December 14. During this, lakhs of marriages will take place and crores of money will be spent. According to a survey conducted by the CAIT Research and Trade Development Society, there will be around 32 lakh marriages across the country during this period, involving purchases of around Rs 3.75 lakh crore and availing various services in the business.
India’s hope for a world battling recession
Anil Bokil, who advised PM Modi on demonetisation, tells India TV that India is the world’s largest consumer market. The population here is very high. At the same time, a lot of the population is still below the poverty line. Therefore, there is a huge appetite among the consumers here. This hunger does not mean just eating, but it is hunger in all areas like clothes, medicines, technology, infrastructure. This hunger of India can give life to the world. It has a population of 140 crores. The whole world can sell all its products in India. Because it is a simple fact of the moment that the country which is the largest consumer of the world, the whole world can get out of the recession.
Why does recession come?
Anil Bokil says that recession comes in the world only where there is no consumption. There can be a lot of consumption in India. There’s a lot to spend here. Huge capital can also be consumed in the field of health, education and infrastructure. All the world’s money can be spent here. Today Japan is giving bullet train to India at zero percent rate because they have nothing to spend here. So he is giving at no profit no loss. There is no place for its consumption. So he has to keep himself engaged by spending his money somewhere. You have to pay your people. The same is the case with other countries as well. If buyers keep getting for their products, then their economy will also get a lifeline. From this perspective, India is completely empty. That is, any country can spend money in any area here. There are all kinds of consumers in India. This is the reason why the chances of recession in India are very less.
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