India’s economy slowdown temporary, GST to have positive impact: World Bank

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New Delhi: The recent slowdown in India’s economic growth is an “aberration” mainly due to the temporary disruptions in preparation for the Goods and Services Tax (GST), the World Bank said on Thursday, pointing out that it will get corrected in the coming months.World Bank President Jim Yong Kim also said that the GST is going to have a hugely positive impact on the Indian economy.

“There’s been a deceleration in the first quarter, but we think that’s mostly due to temporary disruptions in preparation for the GST, which by the way is going to have a hugely positive impact on the economy,” Kim told a group of reporters during a conference call ahead of the annual meeting of the International Monetary Fund and the World Bank at Washington. Finance Minister Arun Jaitley would be leading the Indian delegation to the annual meeting next week.

Kim was responding to questions on slowdown in India’s growth in the first quarter, which the Opposition and several economists have attributed to demonetisation and the GST.

Read More:http://www.deccanchronicle.com/nation/current-affairs/061017/gst-to-have-positive-impact-on-indian-economy-world-bank.html

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