{"id":2756,"date":"2016-10-13T04:54:17","date_gmt":"2016-10-13T04:54:17","guid":{"rendered":"https:\/\/sunkrish.com\/?p=2756"},"modified":"2017-01-05T02:49:42","modified_gmt":"2017-01-05T02:49:42","slug":"gst-lends-more-weight-to-indias-8-growth-projection-sp","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2016\/10\/13\/gst-lends-more-weight-to-indias-8-growth-projection-sp\/","title":{"rendered":"GST lends more weight to India\u2019s 8% growth projection: S&P"},"content":{"rendered":"

<\/a><\/p>\n

Calling GST as the most important structural reform till date by the Modi government, S&P Global Ratings today said the passage of the indirect tax law gives it additional conviction of India clocking 8 per cent growth in the next few years.<\/p>\n

\u201cIndia\u2019s GST passage gives us additional conviction around our 8%-ish GDP growth forecast over the next few years,\u201d it said in a report titled \u2018Asia-Pacific steadies while China goes silent\u2019.<\/p>\n

The rating agency had last month projected India to clock a \u201csteroid-free\u201d growth of 8 per cent in coming years. \u201cThe GST passage is arguably the most important structural reform to date by the Modi government and will improve efficiency, cross-state trade and tax buoyancy,\u201d it said today.<\/p>\n

It saw a reasonably firm pick-up in Asia-Pacific\u2019s macro momentum indicators, with pick-up in retail sales offering the clearest sign in most of the region\u2019s economies. This, it said, stems from rising income, which in turn is part of the region\u2019s evolving growth dynamics, with consumption playing a larger role.<\/p>\n

S&P said China has been nudged up as it raised the GDP growth forecast by about a quarter percentage point in 2016 and 2017 to 6.6 per cent and 6.4 per cent, respectively, and has kept its 2018 forecast roughly unchanged at 6.1 per cent.<\/p>\n

Japan\u2019s second-quarter out turn was weaker than expected, it said, adding that its 0.7 per cent GDP growth forecast for 2016 looked like \u201ca mild stretch at this point\u201d.<\/p>\n

In its \u2018APAC Economic Snapshots \u2014 September 2016\u2019 report, it had stated that India\u2019s structural reforms agenda had maintained strong momentum and, most recently with the GST passage, should propel growth higher. \u201cFor India, we are still forecasting GDP growth at about 8 per cent over the next few years. Moreover, this is relatively high quality, steroid\u2014free growth backed by a broadening consumption base,\u201d S&P had said.<\/p>\n

\u201cInflation remains a risk, given the large weights on food, fuel, and other volatile items in the Reserve Bank of India\u2019s target basket,\u201d S&P had said.<\/p>\n

The latest gross domestic production (GDP) figures showed that India\u2019s growth slowed to 7.1 per cent in the April-June quarter, from 7.9 per cent in January-March.<\/p>\n

RBI has also said the near-term growth outlook for India seems brighter than last fiscal\u2019s and the economy is likely to expand at 7.6 per cent in 2016-17.<\/p>\n

Source: http:\/\/www.thehindubusinessline.com\/economy\/gst-lends-more-weight-to-indias-8-growth-projection-sp\/article9208148.ece<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Calling GST as the most important structural reform till date by the Modi government, S&P Global Ratings today said the passage of the indirect tax law gives it additional conviction of India clocking 8 per cent growth in the next … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,4,493,491],"tags":[448,316,298,535,462,367,675],"class_list":["post-2756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-business-advisory-services","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-asia-pacific","tag-china","tag-ease-of-doing-business","tag-goods-and-services-tax-gst","tag-narendra-modi","tag-reserve-bank-of-india-rbi","tag-sp-global-ratings"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/2756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=2756"}],"version-history":[{"count":2,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/2756\/revisions"}],"predecessor-version":[{"id":3024,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/2756\/revisions\/3024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3021"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=2756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=2756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=2756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}