The implementation of GST critical to revive growth trajectory as it has the potential to push India's GDP growth by 2 percentage points-PHD Chamber

Though growth of real GDP at 4.7% for 2013-14 is below growth projections given by CSO in its advanced estimates, it is expected to improve in the current financial year 2014-15 as the government is taking significant steps to rejuvenate the economy, said Mr. Sharad Jaipuria, President, PHD Chamber.

The recently announced 10-points agenda provided by the new government is inspiring and would go a long way to foster strong, stable and inclusive growth in the coming times, he said.

Transparency in government and confidence in bureaucracy would improve business environment and help industry to rejuvenate and expand further. The improvement in industry scenario would increase employability of manufacturing firms and would lead to job creation in the economy.

Reforms in infrastructure and investments would make India an attractive destination and improve its international competitiveness, said Mr. Jaipuria.

However, there is a need to look into the policies related to mining and manufacturing in terms of various environment clearances, availability of land and liberalized labour laws, he added.

The implementation of GST would be critical to revive growth trajectory as it has the potential to push India's GDP growth by 2 percentage points, he said.

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