"The emerging economies have become increasingly important, accounting for more than 75 percent of global growth. Among the emerging economies, India has been a major driver of global economic growth with an expected growth of 7.5 per cent for 2017-18 as against 7.1 percent in 2016-17," said Jaitley.
India has also undertaken robust structural reform measures and it is on course to introduce the Goods and Services Tax (GST) from July 2017. He said that GST will eliminate the multiplicity of taxes and make India a single common market and as per IMF projections, India’s medium term growth is poised to rise above 8 per cent.
The minister concluded that many more multi-faceted reforms are expected to ensure that India can withstand the volatility of the global economy as well as ensure an upward growth trajectory. (KD)
ALCHEMPro News Desk – India
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