Expressing confidence over India’s economic growth, the Confederation of Indian Industry (CII) president Rakesh Bharti Mittal has said that Gross Domestic Product (GDP) growth at 7.5% plus in the last quarter was a very healthy and positive sign for Indian economy. He said the impact of sustained structural reforms is now being felt on the ground as a mammoth economy is turning around. He added that the trends and signals of the economy are on the recovery path. He also said that the CII is looking at 8% growth for next year.
Mittal said ‘If you look at IMF, World Bank and other multi-lateral agencies including CII’s own projection, we are looking at GDP growth of 7.3-7.7% in 2018-19. So, $2.6 trillion economy growing at that rate. If we are going to grow at a healthy rate of 8-9% year-on-year in future years, then by 2030, we are looking at India becoming a 10 trillion economy’. He said sectors like consumer non-durables, two-wheelers and tractors are witnessing strong rural consumption. He added that structural reforms are settling down including Goods and Services Tax (GST) regime.
CII president further said ‘We have suggested to the Finance Ministry to start now looking at rationalising the tariff lines as well as rationalise the rates, which are in five brackets. I personally feel and believe that in India we cannot have single GST rate, but probably 2-3 rates should be good enough’. He also said another recommendation which the industry body has made to the Centre is to bring four sectors which are left out--petroleum, power, alcohol and real estate-- under the GST regime.
