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RBI governor Shaktikanta Das on Tuesday, while addressing the 188th AGM of Bombay Chamber of Commerce & Industry, said that India is on the verge of a significant structural shift in its growth trajectory, as it progresses towards a sustained 8 per cent GDP growth, with an average growth of 8.3 per cent recorded over the last three years.
“If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth,” said the central bank governor.
The governor attributed implementation of GST, Insolvency and Bankruptcy Code, and Flexible Inflation Targeting as the primary drivers of India’s growth, particularly in the last three years.
“It (GST) has the advantage of avoiding the multiplicity of taxes. GST is one of India’s biggest structural reforms since 1947,” said Das highlighting the importance of GST.
Meanwhile, he also said that Indian economy’s economy share in global economy was 18.5 per cent in the last financial year. “It is an achievement; it was much lower 7 or 8 years ago and I think the IMF projects this growth to go up,” said Das.
Das further informed that GST monthly collections has reached 1.7 lakh crore and consistently ranging between 1.5 to 1.7 lakh crore. He also mentioned that India is set to become the third-largest economy, up from its current position as the fifth-largest.
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