More action on reforms in coming months: Das

Says the government is committed to continuing reform measures and policy initiatives

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Buoyed by the impressive gross domestic product (GDP) numbers, the government on Tuesday  said more economic reforms and policy initiatives are on the cards in the coming months, while pinning hopes on the good monsoon to push growth to eight per cent.

“The government is committed to continuing reform measures and policy initiatives. More action in the coming months,” Economic Affairs Secretary Shaktikanta Das said in a series of tweets.

Economy grew by 7.9 per cent in the March quarter to consolidate India’s position as the fastest growing major economy with a five-year high growth rate of 7.6 per cent for the full financial year on robust manufacturing growth. Enthused by the impressive numbers for 2015-16, as against 7.2 per cent in previous financial year, Das said the growth rate can go up to eight per cent in FY17 on the back of good monsoon.

“Going forward, the outlook is very positive. A good monsoon and a passage of Goods and Services Tax (GST) constitutional amendment will take us to eight per cent growth in FY17,” Das said.

Meanwhile, Finance Secretary Ashok Lavasa in a tweet said: “GDP numbers, sign of times, CGA figures, statement of good financial management. A good monsoon should bring cheer and government’s resolve boost confidence”.

He further also said the government would work towards pushing the economic growth further.

“We are focusing on capital spending in infra and social sector,” he said.

The government is hopeful of passage of the GST legislation, which is considered as the most comprehensive economic reform in indirect taxes since independence, in the next session of Parliament.

Besides, the government is working towards operationalisation of bankruptcy code, which will ease doing business by providing the exit route to failed businesses. After two years of successive droughts, the India Meteorological Department has predicted above normal monsoon rains this year.