India is surprising the countries of the world with its economic growth.

Mar4,2024 | Surinder Dalla |

Bharatiya Janata Party's Modi government is now just a few days away from completing its 10 years. Once again the leaders of the country have to go among the public regarding the Lok Sabha elections 2024. There may be individual claims for victory. On one hand, the opposition INDIA group is making efforts to stop the BJP from forming the government at the Center again, while on the other hand, the BJP wants to repeat its victory for the third consecutive time. Just a few days ago, when Prime Minister Narendra Modi was saying during the last session of Parliament that this time 400 will be crossed. We have set a target of winning 370 Lok Sabha seats for our party (BJP), then leaders of many other political parties and some of the political analysts were also saying that this is excessive confidence of PM Modi. He was taking his statement as a joke. These people said that BJP can never get so many seats in the Lok Sabha. But the mood of the general public of the country seems to be going in favor of the Modi government regarding its achievements. Today, the slogan of work for every hand and Modi's guarantee has assured the common citizen of the country that the country is under the right leadership, where there is no room for instability. Today India is seen progressing rapidly in many fields, one of which is economics. Increase in India's gold reserves and foreign exchange reserves, 8.4 percent growth in GDP. Good news are coming one after the other regarding the economic growth of the country, first the central government has announced the growth of Gross Domestic Product (GDP) in the December quarter of the current financial year. Released the figures, which revealed how the GDP has grown at a pace of 8.4 percent. Then came the second news of increase in foreign currency assets. Foreign currency assets (FCA) have increased by $2.41 billion during the week ending February 23. Now its FCA reserves have increased to USD 548.188 billion. An increase has also been recorded in India's gold reserves during the week ending 23rd of February. It has succeeded in registering an increase of $ 472 million in gold reserves. Today India's gold reserves have reached USD 47.848 billion. Along with this, the Reserve Bank said that India's Special Drawing Rights (SDR) has also increased. SDR has increased by $80 million to $18.197 billion. Today the Reserve Bank is also telling that the country's currency reserves kept with the International Monetary Fund (IMF) have also increased. It has increased by USD 9 million during the week under review. Now it has increased to USD 4.839 billion. GST collection increased by 12.5 percent to more than Rs 1.68 lakh crore. A news has also emerged in the country in the form of excellent figures on Goods and Service Tax (GST) collection. Finance Ministry data shows that GST collection has increased by 12.5 percent on an annual basis in February to more than Rs 1.68 lakh crore. Then, from the heights the country's stock market is touching today, it also seems that in the coming time, India will leave behind all the big economies of the world. Seeing this growth, many economic analysts are also believing that the way India is currently surprising the world with its actions, it seems that the 21st century will make India the top power of the world. In this way, India is surprising all the countries of the world. Prahlad Sabnani, a well-known economic analyst and working in the banking sector for a long time, believes, "The growth rate of GDP during the third quarter of the financial year 2023-24 This has surprised all the economic analysts of the world including India. During this period, the GDP in India has achieved a growth of 8.4 percent whereas the growth rate during the first quarter was 7.8 percent and during the second quarter it was 7.6 percent. The growth rate during the same period last year was 4.4 percent. Also, credit rating institute ICRA had estimated a growth of 6 percent in the third quarter this year and State Bank of India had also estimated a growth of 6.9 percent. Overall, the GDP growth rate has been 8.4 percent, defying the estimates of almost all financial institutions. Sabnani says that one of the reasons for the economic growth seen today is that due to the continuous reforms being done in the economic sector by the Central Government and the continuous increase in capital expenditure, the Indian economy is also growing. is gaining momentum. An amount of Rs 10 lakh crore has been spent on this item by the Central Government in the financial year 2023-24, whereas an amount of Rs 7.5 lakh crore was spent on this item in the financial year 2022-23. At the same time, in the budget for the financial year 2024-25, the amount of capital expenditure has been increased to Rs 11.11 lakh crore. Secondly, immense improvement is also visible in the collection of taxes (direct and indirect) in India. By simplifying the tax structure and improving compliance with related rules, an increase of around 20 percent in tax collection has been achieved. He said that the informal sector in the country is also rapidly changing into the formal sector, due to which, along with tax collection, more employment opportunities are also being created in the formal sector and the employees working in manufacturing and service sectors are getting additional economic opportunities. Benefits are visible. Overall, now Indians are continuously getting good news in the economic sector because India is creating new opportunities every day in some or the other sector.

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