GST to Have Positive Impact! Economy to Raise 7.2% in FY18
Due to demonetisation in the last fiscal, India’s GDP growth rate was highly affected and slowed down and reached 6.6% in the FY17. Demonetisation undermined the consumption and business activity to a great extent which caused a new challenge in front of the Indian economy to sustain the growth momentum. This information is generated from the report presented by IMF (International Monetary Fund) or the World Bank. They have projected that India’s GDP growth shall be rebound to 7.2% in the FY18 and reach by 7.5% in the FY19.
The Government of India banned the high denomination notes in November 2016, which led the economy to face shocking circumstances. The entire businesses and private consumption were affected immensely which reduced the growth rate. But now World Bank has evaluated and presented in the report that with the successful implementation of the GST regime in the economy, the GDP is expected to grow 7.2% this year and reach up to 7.7% by 2019-20.
As per the report of the World Bank, India’s fiscal, inflation and economic conditions are expected to remain stable, and the centre will keep consolidating modestly while continuing the push towards infrastructure spending. Inflation will be stabilised with the support of favourable weather and structural reforms. With the normal monsoon, the petroleum prices will be set off.
After considering the external factors, World Bank said that the exchange rates had been appreciated which are expected to narrow down the inflation gap between Indian and the US. It further said that the challenges faced by Indian economy for a favourable growth would be reduced to a great extent due to the continual uncertainties in the global market.
Accordingly, the market is expected to get a stable pace of growth from this FY18. India is at a rapid speed and leading towards accomplishing the goals of becoming a developed nation and ultimately enhancing the living standard of its citizen. You must not miss out the great opportunities which are coming towards you with the growing nation. GDP is expected to rise 7.2% in FY18, and even more in the upcoming years, and thus, it is the right time to be part of the development campaign by making worthwhile investments.
With the implementation of GST, i.e., Goods & Services Tax, it is expected that entire tax regime shall be simplified, goods will become cheaper, there will be no more cascading effect, and the money shall gain its worth. The Gross Domestic Product’s (GDP’s) growth is certain with its execution, and so is ours. Now, when World Bank has reported such factors, it can be understood that GST is going to put the international impact on the country and lead it towards higher growth.
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