Riding high on the back of smooth implementation of GST, among other factors, India's economic growth is expected to pick pace from 6.8 percent in 2016 to 7.2 percent in 2017, and finally to 7.7 percent by 2019, World Bank said in its recent report, claiming that country's economic growth is expected to pick up speed after a modest setback due to weaker than expected investments and effects of withdrawing of large denomination bank notes. It said, growth is expected to further gather momentum by 2019 when the Indian economy is expected to expand by 7.7 percent. As a matter of fact, timely and smooth implementation of the GST could prove to be a significant benefit to economic activity. It also said possible protectionism in advanced economies should not deter export-oriented growth in South Asia, including India, a region that could benefit from the backlash against globalization. It claims that global integration has been good for economic development and poverty reduction, but finds that the region would be resilient to higher trade barriers in advanced economies, South Asia Region, Vice-President, Annette Dixon said, adding that advanced economies are recovering and could see faster growth that will likely to increase demand for South Asian products. The region should seize this opportunity to diversify its exports and enhance its supply sides.
📅Published on:
17 April 2017
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