J P Chawla & Co. LLP

Fineprint Vol.2 2020

In January 2020, India witnessed a robust economic activity as indicated by a 12 percent growth in GST revenues from domestic transactions compared to January 2019, totaling Rs 1,10,828 crore (US$ 15.86 billion). CGST stood at Rs 20,944 crore (US$ 3 billion), SGST at Rs 28,224 crore (US$ 4.04 billion), IGST at Rs 53,013 crore (US$ 7.59 billion), and Cess at Rs 8,637 crore (US$ 1.24 billion). Moving to February 2020, Indian firms displayed a 40 percent surge in foreign investments, reaching US$ 2.10 billion, while potential exports to Australia are projected to hit US$ 15 billion by 2025 and US$ 35 billion by 2035. Notably, Special Economic Zones achieved US$ 100 billion in exports for FY 2019-20, and startups, backed by private equity, generated over 26 lakh jobs in 2019. Additionally, significant investments are planned in the oil sector, with ONGC, IOC, and other PSUs aiming to invest Rs 98,521 crore (US$ 14.10 billion) in FY21, while Indian Oil Corporation plans a Rs 500 crore (US$ 71.54 million) investment in Karnataka.

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