India's economic momentum remains intact despite a somewhat erratic monsoon, and real GDP growth of 6.5-7 per cent projected in the Economic Survey seems appropriate, a finance ministry report said on Thursday.
According to the Monthly Economic Review for July, the Indian economy has sustained its momentum in the first four months of FY25.
Goods and Services Tax collections in the first four months of FY25 underwent a level shift pushed up by the widening of the tax base and heightened economic activity, the report released by the finance ministry said.
"The resilience of domestic activity is also reflected in the strong performance of the manufacturing and services sector purchasing managers' indices. The manufacturing growth has been driven by expansion in demand conditions, a rise in new export orders and growth in output prices," it said.
On the fiscal front, it said, the Union Budget FY25 has laid out a glide path of fiscal consolidation. Supported by strong revenue collection
