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  3. India’s growth may touch 8% in FY17 on back of good monsoon: Shaktikanta Das

India’s growth may touch 8% in FY17 on back of good monsoon: Shaktikanta Das

20 Jun 2016 Evaluate

Expressing optimism for the strong growth rate of the country, Economic Affairs Secretary Shaktikanta Das has said that the country's GDP growth is likely to touch 8 per cent in the current fiscal 2016-17, on the back of above normal monsoon. Das expressed hope that the likely passage of Goods and Services Tax (GST) bill in Parliament would add to the business sentiment and will further help in country’s growth. The Economic Affairs Secretary said “we will certainly exceed 7.6 per cent growth. If the monsoon is good which we expect it will be because of the forecast and once the GST is passed, we can expect our GDP to touch 8 per cent in the current fiscal'.

The government is hoping to get the Constitution Amendment Bill passed by Parliament in the upcoming Monsoon Session and plans to roll-out GST from April 1, 2017. Stating the importance of the GST bill, Das said that the passage of the bill would significantly help in boosting sentiment and generating economic activity. Once GST is passed in the parliament, the business environment will show improvement and will boost business sentiment and economy. Once the sentiment turns positive, the business will also start the process of re- orienting their business for GST purpose and hence there will be lot of spurt in activity.

India Meteorological Department (IMD) had earlier forecasted this year 96 per cent chances that the rainfall would be “normal to excess”. However, the slow progress of the south-west monsoon has led to overall deficiency of rains by 22 per cent from June 1-15. Economic Survey in February had projected a growth rate of 7-7.75 per cent for the current fiscal while RBI had forecast 7.6 per cent for the current fiscal.


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