7% Economic growth in April - June in India.
Q. What percentage has the economy of India grown in April-June quarter compared to 7.5% in the previous quarter, according to Niti Aayog?- Published on 11 Sep 15a. 6%
b. 7%
c. 8%
d. 5%
ANSWER: 7%
According to data released by Niti Aayog, India’s growth in Q2 was around 7% compared to 7.5% in the previous quarter. Indirect tax collections increased by 36.7% from 54396 crore in April to 2.63 lakh crore in August. GDP and indirect tax collections indicate economy is recovering. A large part of the buoyancy is due to additional resource measures including increase in duty on petroleum products, increase in clean energy cess, withdrawal of exemptions for motor vehicles, capital goods and consumer durables, and the increase in service tax from 12.36% to 14% from June 2015. Customs duty collection has been aided by 6% rupee depreciation in the period between April to August. Growth in indirect tax collections increased to 12.2% in April August and 11% in August as per data revealed by finance ministry. Government has raised 33% of budgeted amount of INR 6.46 lakh crore for FY16 and growth in addition to 18.8% for this year. Tax collections are growing over double digits suggesting underlying tax base and nominal GDP are moving upwards.
