The Gross Domestic Product (GDP) gives the measure of a country’s economy. It is the total value of all the goods and services produced by all the companies as well as by the people residing in the country.
Recovering from the impact of Goods and Services Tax, Indian economy is all set to come on the right track. World Bank not only estimated the growth rate of India’s GDP in the next fiscal year as much higher but also estimated a growth rate of 6.7 per cent for the current fiscal year (2017-2018).
It is worth mentioning that the government estimated the GDP growth of current year at just 6.5 per cent.
According to the World Bank’s Global Economic Prospects report released on Tuesday, India’s GDP growth rate is expected to rise to 7.3 per cent in 2018-2019, making it the world’s fastest-growing economy, again. World Bank has also estimated the GDP growth of 7.5 per cent for the Indian economy in 2019-2020 and 2020-2021.
“Over the medium term, the GST is expected to benefit economic activity and fiscal sustainability by reducing the cost of complying with multiple State tax systems, drawing informal activity into the formal sector, and expanding the tax base,” the report said.
It indeed is a happy news for the country.