GST a tectonic shift, takes India closer to 8% plus growth: World Bank

September 19, 2017 22:45

World Bank India chief Junaid Ahmad today described the goods and services tax as a "tectonic shift" in the country's taxation policy which has increased the possibility of 8 per cent plus growth.

India recorded a growth rate of 7.1 per cent in 2016-17 and 5.7 per cent in the first quarter of the current fiscal.

"Today India is at the brink of a possibility of moving into 8 per cent plus growth rate. Why? Because India has made a very bold step in integrating internally its nation into one market. So the shift into GST is a tectonic shift," Ahmad said at an industry event.

If the GST is implemented efficiently, the growth boost India will get is going to be huge, he said while addressing members of PHD Chamber of Commerce and Industry in New Delhi.

The economic corridors of India will change and that will require change in transportation as well, he added.

"You (India) need systems of transport, particular multi- modal, in order to respond what GST is offering as one market. If GST is implemented efficiently, the growth boost that you will get from internal movements of goods is going to be huge," he said.

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