Page 16 - Banking Finance April 2023

ROUNDUP

gional economic development. This is fastest growing in the world and is While the American giant wants to in-
tranche-III loan for the project, it said. expected to reach $2 trillion by 2032, crease its complicated aircraft modifi-
according to Reliance Retail Director cation skills in India and take advan-
The project for the centre in Mizoram
Subramaniam V. tage of the expanding cargo market
aims to improve access to cancer pre-
demand, Boeing and GMR Aero Tech-
vention, detection, and treatment as The Indian retail market is estimated
nic are setting up the passenger plane
well as human resource development at $844 billion in 2022 with the
and research that support cancer con- unorganised retail market contributing to freighter conversion line in
trol system. This will contribute to around 87% of the share, he said. Hyderabad.
achieving universal health coverage The investment was made despite the
"The retail market is projected to grow
through strengthening the healthcare worldwide economic downturn, which
at 10% annually to reach a whopping
system pertaining to cancer in the has had an impact on the global air-
$2 trillion by 2032 making it the fast-
state. craft cargo industry. Additionally, it
est growing retail market of the
India and Japan have had a long and world," Subramaniam said at an event supports the US company's expansion
fruitful history of bilateral develop- organised by industry body FICCI here. into India and follows a record-break-
ment cooperation since 1958, it said. ing plane order by the national carrier,
Talking about the unorganised retail
Air India.
segment, Subramaniam said it is highly
Moodys raises India fragmented and lacks modern day in- According to the International Air
growth forecast to 5.5% frastructure and technology due to Transport Association (IATA), the de-
smaller volume and financial re- mand for cargo worldwide declined by
Moody's Investors Service raised India's
sources. approximately 15% in January.
economic growth estimate for 2023 to
5.5 per cent from 4.8 per cent pegged Subramaniam said there is a need to According to data source WorldACD,
earlier, on the back of a sharp increase build an operating environment which air freight rates are 28% lower now
in capital expenditure in the Budget promotes inclusive and sustainable than they were this time last year.
and a resilient economic momentum. growth for the sector and government
policies and business practices of the
The central government continued GST mop-up rises 12% to
big players must support the inclusive
with its capital expenditure push in the Rs. 1.49 lakh crore
growth for the small players of the
recently announced Union Budget. In
unorganized players. GST collections rose 12 per cent to
2023-24, capex is budgeted at Rs 10
over Rs 1.49 lakh crore in February, the
lakh crore which will constitute 3.3 per "There is a need to build a sourcing
finance ministry said. February 2023
cent of GDP. The RBI in its Bulletin said ecosystem that supports small produc-
witnessed the highest cess collection of
that if effectively implemented, it can ers and manufacturers (SMEs) to
Rs 11,931 crore since implementation
take India's real GDP growth close to modernise their operations to produce
of GST.
7 per cent in FY24. high quality products," he said.
The collections are, however, lower
"The Union Budget 2023-24's empha-
than the second highest Goods and
sis on capital expenditure is expected Boeing, GMR to convert
Services Tax (GST) mop-up recorded in
to crowd-in private investment,
passenger planes into January at over Rs 1.57 lakh crore. The
strengthen job creation and demand,
freighters collection reached an all-time high of
and raise India's potential growth,"
Rs 1.68 lakh crore in April 2022.
said the article authored by a team Boeing India and GMR Technic signed
lead by RBI Deputy Governor Michael a contract to convert a Boeing 737 "The gross GST revenue collected in the
Debabrata Patra. passenger plane to a freighter, desig- month of February 2023 is Rs 1,49,577
nated the 737 BCF. The next phase of crore of which CGST is Rs 27,662 crore,
Retail industry to reach $2 Boeing's 75-year partnership with In- SGST is Rs 34,915 crore, IGST is Rs
dia, according to Chief Strategy Officer 75,069 crore (including Rs 35,689
trillion by 2032 Marc Allen, will be represented by this crore collected on import of goods) and
The Indian retail market is one of the action. cess is Rs 11,931 crore (including Rs 792

14 | 2023 | APRIL | BANKING FINANCE