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'India's high GDP growth has continued'
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SME Times News Bureau | 18 May, 2019
High GDP growth has continued over the medium
term despite fluctuations, said the Finance Commission recently.
The Commission made these observations during its meeting with
the Finance Ministry. "The Commission observed that the GDP numbers have
somewhat fluctuated within the overall global trend which suggests continued
high growth trend over the medium term. The Commission also noted that the
revenue projections on the Direct Taxes are healthy though on Indirect Taxes,
there have been periodic fluctuations. "On the expenditure trend, there were discussions in
regard to the rationalisation of the Centrally Sponsored Schemes in sync with
the new life cycle, they being co-terminus with the Finance Commissions,"
the Finance Ministry said. Detailed discussions have continued over the last few months
with the Finance Ministry on the issues of the consequences of UDAY and the 7th
Pay Commission, particularly in the context of the finances of the states. It presented before the Commission some preliminary views of
the government on the Commission's Financial Terms of Reference. The economic development in the last five years were analysed
in detail with specific focus on growth, investments, industrial production,
banking and payments, inflation and monetary policy, the external sector, and
the medium-term outlook. The Ministry made its projections for 2018-19 and 2019-20 to
the Commission, along with its projections for the award period of the Commission
(2020-21 to 2024-25). The ministry also gave some accounts and overviews of the
receipt and expenditure forecast including a fiscal overview of the 14th and
the 15th Commissions, both as percentage of the GDP and of the GRR (growth rate
of return).
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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