Last Update: February 02, 2023, 21:12 IST
Nageswaran said states are absorbing 80% of the interest-free loan based on the revised estimates. (Photo: News18)
The CEA said that the government is aware that there should be a Good and Services Tax (GST) 2.0 and highlighted that the average GST collection per month has been steadily increasing.
Chief Economic Advisor V Ananth Nageswaran on Thursday said that almost all the risks to India’s growth outlook come from external factors and explained what slow global growth rate really is. India There is a need to promote its economic development.
in an interview with CNBC-TV 18The CEA said that the government is aware that there should be a Good and Services Tax (GST) 2.0 and highlighted that there has been a steady increase in the average GST collected per month.
“Slowing down global growth would be just what the doctor ordered for India. Nearly 100% of the risk to our growth outlook comes from external factors. The overall monetary policy tightening and dollar volatility will impact us. At this time external factors will shape or influence our numbers. We are competitive in terms of ensuring supply chain resilience,” he said.
Nageswaran said states are absorbing 80% of the interest-free loan based on the revised estimates. “The combined fiscal deficit of the states is around 2.2%. The states are doing their work. Some states are spending far more in the capital than the Centre, in general, the states are recovering,” he said.
Finance Minister nirmala sitharaman Presented budget 2023 And announced big relief for taxpayers and a big push for capital expenditure and infrastructure.
Welfare spending will increase, including providing piped water to all households and health insurance for the poor, and the finance minister expanded a scheme that distributes free food grains to some 800 million underprivileged Indians.
Our vision for “Amrit Kaal” includes a technology-driven and knowledge-based economy with strong public finances and a strong financial sector. This ‘people’s participation’ through ‘Sabka Saath, Sabka Prayas’ (effort by all (public participation) is essential to achieve that,” Sitharaman said in her speech.
Sitharaman listed seven priorities – the Saptarishis – of the Union Budget 2023: inclusive growth, reaching the last mile, youth power, financial sector, green growth, unleashing potential and infrastructure and investment.
The budget made a much-awaited mega announcement on raising the income level on which no income tax is payable: to Rs 7 lakh per annum from 2023-24 financial year. It was Rs 5 lakh till now. But there’s a caveat: This change is only for those who opt into the new tax regime.
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