Centre’s March economy report: 5 billion UPI transactions, record GST collection


The finance ministry’s monthly economic review report for March also delved into the global price rise of essential commodities like edible oil due to the Ukraine conflict.

The Ministry of Finance On Thursday released its monthly economic review report for March this year, stating that the combined index of eight core industries registered a growth of 5.8 per cent in February 2022, the highest in the last four months.

According to the latest report by the finance ministry, the growth was witnessed on account of better output or natural gas, coal, refinery products etc. “The cumulative growth of Index of Eight Core Industries in the period April-February 2021-22 stood at 11.0 per cent as compared to the corresponding period of FY 2020-21,” the report added.

The key highlights of the Monthly Economic Review report are as follows:

> The government said that the GST collection stood at 1.42 lakh crore in March 2022, a double-digit growth of 14.7 per cent compared to the corresponding period last year and 45.6 per cent higher than the same period before the Covid-19 pandemic.

> Disruptions in supply due to the Russia-Ukraine conflict have triggered an increase in the international prices of multiple commodities, including edible oil. The international prices of sunflower oil have hiked, prompting an increase in demand for palm oil and soyabean oil, said the government while stating it had taken steps to cushion the effect of high edible oil prices by reducing import duties.

> The Centre has said that the global dynamics may eventually lower the crude oil prices to reasonable levels early in this new financial year.

>The government said that the volume of UPI transactions in March 2022 crossed the five billion mark for the first time.

> The government said that India continues to be one of the most favoured investment destination- with gross Foreign Direct Investment (FDI) inflows rising to $69.7 billion between April 2021-February 2022. “The equity inflow component of FDI for this period has been pegged at USD 50.8 billion. In a major vote of confidence to the attractiveness of the Indian economy as a major foreign investment destination, gross FDI inflows into the economy recorded an impressive 33.6 per cent rise in January 2022 vis-à-vis the figure recorded in December 2021,” the report said.

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