GST to initiate 6.8% growth this year: IMF
Q. The IMF has projected India’s growth rate at __ percent for 2016-2017.- Published on 02 May 17
The ambitious Goods and Services Tax to be implemented from July 1 would help raise India’s medium-term growth to above eight per cent, the International Monetary Fund has indicated.
The reforms being done is expected to pay off in terms of higher growth in the future.
The IMF believes that India is going to continue to grow at a fast pace, with a projected 6.8 per cent rate for Financial Year 2016-17 and 7.2 per cent in 2017-18.
India’s foreign exchange (Forex) reserves rose by $1.25 billion as on April 21, 2017.
According to the Reserve Bank of India’s weekly statistical supplement, the overall Forex reserves increased to $371.13 billion from $369.88 billion reported for the week ended April 14.
India’s Forex reserves comprise of foreign currency assets (FCAs), gold, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).