GST promises to boost GDP growth rates by up to 2 pc: Prez

From Zishan Haider Kolkata, Aug 22 (PTl) Describing the passage of the GSTbill by Parliament as the single biggest reform measure inrecent times, President Pranab Mukherjee today said the movepaves the way for creation of a unified market and promises toboost GDP growth rates by up to 2 per cent. "It paves the way for creation of a unified market forgoods and services, and promises to boost GDP growth rates byup to 2 per cent over the medium and the long term," he saidat a conference here on ‘Enabling Make in India throughIndustry Academia Innovation Platform’ organised jointly byCII and IIEST. "To reap the full benefits of our growth potential, we,however, need to overcome infrastructure bottlenecks, improvethe quality of our labour force by educating and skilling themappropriately, and ensure better health standards of thepopulation," he said. The President also said recent initiatives like ‘Make inIndia’, improving the ease of doing business, Invest India,Skilling India and Start-up India aim to address some of theseissues and boost our capacity for growth. Noting that global economic condition continues to remainweak, he said India has established itself firmly as thefastest growing economy with a growth rate of 7.3 per cent in2015. "We can say confidently that our economy has revived andour prospects are brighter as we are poised to grow at 7.5 percent in both 2016 and 2017," Mukherjee said. Noting that food prices remained within comfortable levelsin the early months of this year, the President warned that"we must remain alert as they have started to rise lately." He expressed satisfaction at India’s foreign exchangereserves which today stand at USD 365 billion. Mukherjee hoped that India’s food grains production willsurpass the record of 265 million tonnes achieved 2013-14. He said that India has initiated the Make in Indiaprogramme in 25 sectors of the economy, where both nationaland multinational companies have been invited. PTI ZH ABS SMJZMNSMJ