Good Bye 2023: Bitcoin, which has been fruitful throughout the year, will also perform in 2024.

GST collection recorded all-time high in April

Since the introduction of the Goods and Services Tax (GST) system in the country in 2017, the year 2023 has been encouraging for the Finance Ministry in terms of GST collection. In April of the year ending, the Centre's GST revenue was at an all-time high of Rs 1,87,035 crore. In October this year, the GST collection stood at Rs 1,72,003 crore, which is the second highest figure so far. The average monthly collection of GST in the first eight months of 2023 has been Rs 1.66 lakh crore, which is 11 percent higher than the same period last year. The increase in revenue through GST is coming as a big relief for the Centre. Increase in consumer demand due to fall in inflation has also been a reason for high GST collection in the current year.

Over 150 percent return in Bitcoin in a single year following the surge

Bitcoin, the major cryptocurrency seen as an emerging asset class, has provided investors with a return of over 150 percent in the year ending 2023. Bitcoin is getting higher returns than other asset classes like gold and silver, equities or dollar. At the beginning of 2023, the price of Bitcoin was around 16125 dollars, today it is talking about 43000 dollars. In the year 2024, Bitcoin is expected to approach its 2021 all-time high of $69,000. Behind Bitcoin, other cryptos such as Ethereum, XRP also saw an improvement in price. 2022 proved to be a rough year for cryptocurrency players.

Forex reserves cross the $600 billion mark again

The forex reserve of the country has again crossed the level of 600 billion dollars. The current level of forex reserves is in a favorable position to meet the external financing needs of the country. In October, 2021, the country's forex reserves stood at an all-time high of $642 billion. Subsequently, due to the intervention of the Reserve Bank to sustain the rupee against the dollar, there was a significant decrease in the forex reserve. Due to inflows of foreign funds in the Indian stock market, forex reserves are increasing. At the beginning of 2023, the forex reserve level was 560 billion dollars.

India received a record amount of $125 billion globally through remittances

With 125 billion dollars in 2023, India is becoming the largest recipient of remittances in the world. India has received the highest remittances due to various factors including India's agreement with the UAE to encourage the use of dirhams and rupees for bilateral trade. In percentage terms, the growth of remittances in 2023 is lower than that of 2022 at 12.40 percent. In 2022, the growth rate was 24.40 percent. India's share of remittances in the South Asia region has increased to 66 percent in the current year, which was 63 percent in 2022. India is in the second position with $67 billion in remittances, while China is in the third position with $50 billion.