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Krishna Srinivasan, Director of the Asia and Pacific Department, International Monetary Fund, has stated that India is growing at 6.6 percent this year before slowing to 6.2 percent next year, and that slowdown next year is because of the higher tariffs of 50 percent. However, he noted that if one looks at India's fundamentals, growth is good, inflation's coming down, fiscal deficit is well-managed. If India has to grow at the rate at which you're talking about in terms of being Viksit Bharat by 2047, India has to fire on all cylinders, strengthen domestic demand, strengthen integration within India. The GST reforms go in that direction, which will provide a fillip to consumption and improve domestic demand. There is an opportunity here for India to integrate itself in global supply chains. And for that, there are many things India needs to do. This would entail trade liberalization and improvement in the business environment. There are lots of regulations which impede, you know, the ability of the private sector to unleash its full potential. India needs to fire on all cylinders if you want to get to 8 percent or more growth and meet the objective of Viksit Bharat, he stated further. Powered by Capital Market - Live News
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