GST collections for October this year has been above Rs 1.05 lakh crore, BJP said (Representational)
Citing a rise in GST collections, highest manufacturing Purchasing Managers' Index (PMI) and data of other economic parameters for October, the BJP on Tuesday said the figures show that under the leadership of Prime Minister Narendra Modi the country's economy is moving in the right direction and is on an upward trend.
The Modi government is focused on its agenda of economic reforms and is working to achieve its target of making India a $5 trillion economy, BJP spokesperson Gopal Krishan Agarwal said.
Addressing a press conference at the BJP headquarters, he said the Goods and Services Tax (GST) collections for October this year has been above Rs 1.05 lakh crore. "It shows that our economy is back on track," he said.
The revenues for the month are 10 per cent higher than Rs 95,379 crore collected in the same month last year.
Similarly, India's manufacturing PMI increased to 58.9 per cent in October on a month-wise comparison, which was the highest in the last 13 years.
The BJP leader said all macroeconomic indicators of the real economy such as power consumption, rail freight and others are showing a positive upward trend and also indicates that the economy is set for a V-shaped recovery.
Mr Agarwal said this upward trend in the economy is visible across all sectors as 470 companies reported a remarkable post-tax profit in their earnings of the July-September quarter.
Attributing the rise in economy to the Modi government's series of stimulus packages, he said these packages act as catalyst for growth of the economy and this upward trend in the economy will sustain beyond the festive season.
"Prime Minister Modi and Finance Minister Nirmala Sitharaman are not resting on these positive economic indicators and are working very hard to make these numbers even better for November," he said, adding that the recent reforms in agriculture and labour laws will help the economy further.
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