India can achieve 10% GDP growth by FY20, says CII

download (8).jpgSource : Busines Standard 5 May 2017

India can achieve a gross domestic product (GDP) growth of 10 per cent by financial year (FY) 2019-20 on the back of tremendous opportunities available in the economy, the Confederation of Indian Industry (CII) said on Thursday.

“We strongly believe India can build up to a 10 per cent GDP growth in the next three years. For the current year, CII analysis shows the GDP growth rate can be eight per cent,” CII President Shobana Kamineni told reporters in New Delhi.

Read the rest of this entry »

GDP to grow 7.4% in FY18; GST, bankruptcy law big positives: ADB

download.jpgSource : Business Standard

The Indian economy will grow 7.4 per cent this fiscal and 7.6 per cent in the next as the bankruptcy and GST laws will help create a better business friendly environment, the Asian Development Bank (ADB) said on Wednesday.

Ahead of its 50th annual meeting to be attended by finance minister and central bank governors of member nations, the multilateral agency’s Chief Economist Yasuyuki Sawada said the reforms like the Goods and Services Tax (GST) and the new bankruptcy law will make it easier to do business in India. Read the rest of this entry »

GST to push Indian growth to over eight per cent: IMF

indexSource: Financial Express, Apr 28, 2017

Washington: The ambitious Goods and Services Tax to be implemented from July 1 would help raise India’s medium-term growth to above eight per cent, the International Monetary Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future. “The government has made significant progress on important economic reforms that will support strong and sustainable growth going forward,” Tao Zhang, Deputy Managing Director of the International Monetary Fund, told PTI in an exclusive interview.

“We expect that the goods and services tax (GST), which is targeted to be applied starting in July, will help raise India’s medium-term growth to above 8 per cent, as it will enhance production and the movement of goods and services across Indian states,” the IMF official said.

Read the rest of this entry »

India records impressive growth in recent years: IMF

Source: Financial Express, Apr 20, 2017

Wahington: India’s growth has been “impressive” in the recent years which makes room for tax broadening efforts by the government, according to a top IMF official. “India has recorded quite an impressive growth performance in recent years. Our view is that the elimination of fuel subsidies and the targeting of social benefits has delivered in terms of allowing the union budget target to be achieved at 3.5 per cent of GDP,” Vitor Gasper, Director of the IMF Fiscal Affairs Department told reporters at a news conference here yesterday.

“We have been collaborating with the Indian authorities in terms of looking at fiscal structural measures, including expenditure rationalisation while protecting infrastructure investment, tax broadening efforts,” he said. Read the rest of this entry »

Economy to grow 7.2% in FY18

Source: Business Standard, Apr 18, 2017

New Delhi: Having seen a “modest setback” due to demonetisation last fiscal, the Indian economy will claw back to 7.2 per cent growth this financial year and rise further to 7.5 per cent in 2018-19, says a World Bank report.

In its report on South Asian Economy, the World Bank said that “significant risks” to economic growth could emanate from the fallout of demonetisation on small and informal economy, stress in the financial sector and uncertainty in global environment. Read the rest of this entry »

India’s growth to accelerate to 7.4% in 2017-18

Source: Business Standard, Apr 06, 2017

New Delhi: The Asian Development Bank (ADB) said that India’s growth rate will improve to 7.4 per cent during 2017-18 and go up further to 7.6 per cent in the next financial year, remaining ahead of China.

“The impact of the demonetisation of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumption and fiscal reforms are also expected to improve business confidence and investment prospects in the country,” said the Asian Development Outlook, ADB’s flagship economic publication.

Read the rest of this entry »

India to grow at 7.7% in 2018 in face of newer global challenges: Jaitley

Source: HT Business, Apr 03, 2017

New Delhi: India’s economic growth is expected to pick up in the coming years following a raft of reforms such as demonetisation and the rollout of the Goods and Services Tax, although developing countries face global challenges of trade restrictions, finance minister Arun Jaitley said on Saturday.

Addressing the second annual meeting ofdownload the New Development Bank (NDB) in Delhi, Jaitley said a possible shift towards inward-looking policies and protectionism and a sharper than expected tightening in global financial conditions, the crisis in Europe and increased geopolitical tensions, posed a challenge to the emerging economies.

Read the rest of this entry »