Amid the concern of slowing economic growth of the country, the Niti Aayog vice chairman Rajiv Kumar has raised some hopes and said the economic downturn which began in the last two years of UPA II regime has bottomed out and the growth will improve in the next two quarters. He said that “We will be achieving higher growth in the next two quarters, and I think 2018-19 will be much better than the current year (in terms of economic growth).”
Niti Aayog vice chairman admitted that there have been problems on account of demonetisation and Goods and Services Tax (GST) implementation but now people have adopted to the new tax regime. He noted that historically countries which have adopted GST have all seen some decline in the growth rate because the system struggles to come to new norm.
Kumar applauded government's performance and said India has attracted foreign direct investment (FDI) worth $ 250 billion in the last three years. He said that Indian industry must embrace global cutting edge technology and added that one should think at global level and not just for domestic consumers. He also emphasised on the need of creating trust between government and industry.