Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion.
She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market.
She was addressing the media here.
“I can see very clearly signs of revival and good signs of revival. Otherwise my revenue collection would not be where it is, both the GST and direct taxation,” said Sitharaman while replying to a question on whether the economy has returned to its pre-covid level.
She said the half-yearly target has already been achieved in direct taxes.
“And GST’s collections on an average per month is somewhere in the range of Rs 1.11 lakh crore and Rs 1.12 lakh crore. Probably it can safely be said it will be somewhere in the range of Rs 1.15 lakh crore per month,” she disclosed.
“These are not small indicators, these are not some sporadic indicators. They clearly show that the economy is on a sustained path of revival,” she said.
To a question on the stock market, she said the market has its own understanding of what it deals with the companies.
The finance minister said there is transparency in the listing process of companies and related regulations.
She said “today retail and small investors are taking keen interest in the stock market and investing in it. Earlier, retail investors were participating through mutual funds”.
“Now they are going through mutual funds and also go directly and participate (invest in stock market) through demat accounts. Therefore, today interest in the stock market is growing and more investment is taking place and more retail investments are taking place and all it is happening in a transparent manner,” she said.
“As a result, confidence in the Indian stock market is growing,” she stated.
Sitharaman was here to take part in party events in Panchkula in Haryana.
Haryana BJP chief OP Dhankar and former union minister Rattan Lal Kataria were also present at the press conference.