Underlying momentum in economy continues to improve across sectors: Arvind Subramanian

Chief Economic Advisor Arvind Subramanian on Wednesday said the underlying momentum in the Indian economy continues to improve across sectors.

"In July 2015, indirect tax collections increased by 39.1 percent compared with July 2014 last year...the underlying momentum in economy continues to improve across sectors," Subramanian said.

"The tax collection in first four months indicates increase in nominal GDP. The real credit growth is picking up," he added.

The indirect tax revenue jumped over 37.6 per cent to over 2.1 lakh crore rupees during April-July period of current fiscal due to the higher excise collections.

A press release issued by the Finance Ministry earlier had stated that the indirect tax collections were Rs.1.53 lakh crore during the similar period of the previous fiscal.

While in July 2015-16, the indirect tax collections grew by 39.1 percent from a year ago period to Rs. 56,739 crore.