GST lends more Weight to India`s 8% Growth Projection
Calling GST as the most important structural reform till date by the Modi government, S&P Global Ratings on Tuesday said the passage of the indirect tax law gives it additional conviction of India clocking 8 per cent growth in the next few years.
"India's GST passage gives us additional conviction around our 8%-ish GDP growth forecast over the next few years," it said in a report titled 'Asia-Pacific steadies while China goes silent'.
The rating agency had last month projected India to clock a "steroid-free" growth of 8 per cent in coming years. "The GST passage is arguably the most important structural reform to date by the Modi government and will improve efficiency, cross-state trade and tax buoyancy," it said.
It saw a reasonably firm pick-up in Asia-Pacific's macro momentum indicators, with pick-up in retail sales offering the clearest sign in most of the region's economies. This, it said, stems from rising income, which in turn is part of the region's evolving growth dynamics, with consumption playing a larger role.
Calling GST as the most important structural reform till date by the Modi government, S&P Global Ratings on Tuesday said the passage of the indirect tax law gives it additional conviction of India clocking 8 per cent growth in the next few years. 
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