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NEW DELHI, July 19: Despite short-term challenges India's economic growth story remains intact and the country's GDP is expected to grow around 7.5 per cent in the current financial year, industry body Ficci said on Thursday.
According to the body, the slowing down of industrial output growth in May, and the higher inflation in June are "short-term challenges which are being proactively acted on by the government and the RBI, and these should not be seen in any way the signs of revival in the economy significantly. "
" While the industrial output growth is expected to rebound in the next few months, the rise in inflation is being watched by the RBI closely, and the apex bank and the government will certainly "Ficci President Rashesh Shah."
"The Goods and Services Tax (GST) will play the role of a catalyst in this. While the GST collection trends clearly indicate a positive sentiment in the economy, the national integrated indirect tax structure will also bring inflation, going ahead. "
Shah elaborated that GST Council and the central government have shown willingness to streamline the GST spleen structure, bringing in the articles and simplifying the tax administration. "Equally important is the fact that GST has shown that industry, and the country is ready for adopting big-bang reforms," he said, adding, "there is no doubt that greater economic
He added that along with GST, reform measures like IBC (Insolvency and Bankruptcy Code) and RERA (Real Estate Regulatory Authority) have already started yielding results and will help in the GDP growth beyond 8 per cent. (IANS)
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