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The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably, India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".
Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4]
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
Unemployment is a major social issue in India. As of September 2018, according to the Indian government, India had 31 million jobless people. [48] The numbers are widely disputed.The uses of digital manufacturing and machinery in factories and garments are leading to unemployment in India. The unemployment rates declined to 6.5% in January 2021.
It was also found to have increased the community's income significantly above the actual amount from the grants as it allowed citizens to partake in more productive economic activities. [5] [6] The project team stated that this increase in economic activity contradicts critics' claims that a basic income would lead to laziness and dependence. [7]
The economic liberalisation in India refers to the series of policy changes aimed at opening up the country's economy to the world, with the objective of making it more market-oriented and consumption-driven. The goal was to expand the role of private and foreign investment, which was seen as a means of achieving economic growth and development.
Amid growing anxieties surrounding reported drone sightings, the FBI has issued a warning against a new trend of pointing lasers at aircrafts.
As per The Economist, 78 million of India's population are considered middle class as of 2017, if defined using the cutoff of those making more than $10 per day, a standard used by the India's National Council of Applied Economic Research. [105] India's gross domestic savings rate stood at 29.3% of GDP in 2022. [106]