Along with being the world's fastest growing economy at the global level, India is also raising flags in terms of earning from manufacturing sector to service sector, air traffic, export and tax.
The era of economic crisis is being seen all over the world, America and Europe are living examples of this. Banks are sinking in these rich regions of the world. Even the country has come on the verge of being the world's largest economy defaulter. China is trying to stand on its feet again, but that too may take some time. On the other hand, India is rocking. With being the world's fastest growing economy at the global level, from manufacturing sector to service sector, air traffic, export and tax earning are also flagging. Let us also tell you that on which 6 fronts the country's economy is getting a boost.
Manufacturing sector at four month high
The recent PMI report has shown that the PMI of the manufacturing sector in April has been the best seen in the current year. According to the data, the manufacturing sector PMI is at a four-month high with 57.2 points. According to experts, due to increase in orders and increase in production, there has been a boom in the manufacturing sector. According to experts, a similar response is expected in the manufacturing sector in the coming months. It is clear that the country's economy is getting a boost in the manufacturing sector and will continue to get it in the future.
On the other hand, China's manufacturing PMI in April has reached the level of removal of zero covid policy last year while remaining below 50. According to a Reuters report, the manufacturing PMI in the US has improved from its three-year low, but the pace is still slowing down. The manufacturing PMI in Europe has come down to a 3-year low.
Record collection of GST
In the month of April, the government has got record GST collection. This figure crossed Rs 1.80 lakh crore, which is 12 percent more than the same period last year. More GST to the government means that with the compliance of the laws, business is getting good in the country. GST is continuously being paid by the common people and more and more tax is coming to the government. This is the first time that the GST collection has crossed Rs 1.75 lakh crore. May's GST collection is likely to be around Rs 2 lakh crore. It is clear that the country's economy is on track.
Record jump in air traffic
Not only in India, the aviation industry of the world had gone to the trough, the reason is Kovid. Aviation industry has also been one of the industries which were affected the most during the lockdown. India's aviation sector was also in a bad condition, in which now not only continuous improvement but records are being seen. On April 30, a record 4.56 lakh people traveled in domestic flights of the country. The meaning is clear that now the people of the country are going out to visit the country and due to which capital will move in the economy and improvement in the economy will be seen. The boost in the aviation sector can be gauged from the fact that Tata Group has placed the biggest fleet order for Air India in aviation history. After which the face of India's aviation sector will also change. On the other hand, G20 Summit is going on in India and Cricket World Cup will also be organized in the coming months. Due to which the aviation sector will get more boost.
Record export
On the other hand, India's figures have been seen much better on the export front, that too at a time when the demand at the global level is less. But India has set a new record in exports on the basis of service sector, which is pointing towards the country's growing economy. The country's imports may have reached a record high in the last financial year, but there has been an increase in exports as well. According to statistics, the country's exports increased by 14 percent to reach a record $770 billion. By the way, the data for the first month of the current financial year i.e. April has not been released by the government. According to estimates, in the financial year 2024, India's exports can see an increase of about 10 percent and can be $ 850 billion.
IMF Outlook
The Economic Outlook was brought by the International Monetary Fund in the second week of April. In which it is clearly visible that in the years 2023 and 2024, India is the fastest growing economy in the world. According to the IMF website, in 2023, where India's GDP has been estimated at 5.9 percent, on the other hand, in the year 2024, it is estimated at 6.3 percent. While there has been a decline in the outlook of America and China. First of all, if we talk about America, the growth estimate in the year 2023 is 1.6 percent, which has come down to 1.1 percent by 2024. China's growth may remain at 5.2 percent in 2023 and may come down to 4.5 percent in 2024.
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