GST, demonetisation biggest growth contributors: Economic affairs secretary

Economic Affairs Secretary Subhash Garg on Tuesday said that Goods and Services Tax (GST) has been the biggest tax reform, along with other ones like demonetisation and the battle against black money.

"Inflation has come down significantly and that India's GDP is poised to grow from here on," said Subhash Garg while presenting the numbers at a media conference here.

While talking about the recently flashed inflation numbers, Garg said that it is not likely to rise beyond four per cent.

"The current economic slowdown is bottoming out. Fiscal deficit is under control and that the government is unlikely to overshoot its target of 3.2 percent fiscal deficit at the end of the current fiscal year," added Garg.

"Rs. 11.47 lakh crore on capital expenditure, more than half its target for the fiscal year has already been spent by the government," said Garg.

He added that the increased government spending has been targeted in a manner, which will bring in more investment and spur growth.

Pointing at effective and targeted spending, Garg said that the main priority of government is quality infrastructure.

"Government will spend Rs. seven lakh crore in road infrastructure over the next five years. Construction of new roads under the BharatMala programme will take place along with entail construction of 34,800 km of roads," added Garg while announcing governments target spending plan.