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22 December 2017
 |
| Growth (The Total Investment & Insurance Solutions) |
Rejecting
claims that goods and
services tax (GST) and demonetisation of
old Rs 1000 and Rs 500 notes have permanently slowed down the Indian economy,
the International Monetary Fund (IMF) has said that these are just “short-term
pain”.
In an interview to CNBC-TV18, an IMF
official said that demonetisation and GST has brought “short-term pain but
long-term benefits”. He said that IMF expects India's growth to be 6.7 percent
this year and 7.4% next year.
The Goods and Services Tax (GST) was
implemented in India from July 1 this year. It brings the economy under a
uniform tax regime
The Indian government scrapped Rs 500 and Rs
1,000 currency notes on November 8 last year, claiming that the move would
eradicate black money, fake currency and corruption. The Total Investment & Insurance
Solutions
Speaking about India's growth
rate vis-a-vis the rest of the world, he said, “India not
growing as fast as the rest of world is an aberration.”
India's economic
growth pace picked up to 6.3 percent in the three months ending
in September, halting a five-quarter slide as businesses started to overcome
teething troubles after the bumpy launch of a Goods and Services Tax (GST). The Total Investment & Insurance
Solutions
The IMF is slated to come out with an update
of its projections of India's growth rate along with the rest of the world in
January.
Meanwhile, in its Financial System Stability
Assessment (FSSA) of India report, released yesterday, IMF said that India's
financial sector is facing considerable challenges with high non-performing
assets and slow deleveraging and repair of corporate balance sheets testing the
resilience of the banking system and holding back growth. The Total Investment & Insurance
Solutions
Recently, the US-based Moody's upgraded India's
sovereign rating after a gap of 13 years to Baa2, with 'stable'
outlook, from Baa3 earlier, citing improved growth prospects driven by economic
and institutional reforms.
This was followed by S&P Global Rating,
which kept India's sovereign rating unchanged at BBB- with stable outlook
saying vulnerabilities stemming from low per capita income and high government
debt balances strong GDP growth.The
Total Investment & Insurance Solutions
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