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India's GDP drop? It's Temporary: World Bank
By: Tupaki Desk | 6 Oct 2017 7:26 AM GMT
World Bank President Jim Yong Kim believes the slowdown of Indian Economy post demonetisation is a temporary phase. He is hopeful of improvement in GDP in the next few quarters of the Financial Year 2017-18.
Particularly, Mr. Jim Yong Kim states Goods and Services Tax (GST) is going to have a huge positive impact on the Indian economy. 'In the first quarter, A decline of GDP is evident but that's due to the temporary disruptions caused before the roll out of GST. But, The results are going to be encouraging in the coming months. We believe all the measures taken by PM for improving business environment will pay off,' he anticipates, during a conference call ahead of the annual meeting of International Monetary Fund and World Bank at Washington.
In the first quarter (April-June) of the current financial year 2017-18, India's GDP slipped to three years low, 5.7 percent. GDP Growth stood at 7.9 percent for the first quarter of financial year 2016-17. Between the period from January to March, GDP of India is about 6.1 percent.
Particularly, Mr. Jim Yong Kim states Goods and Services Tax (GST) is going to have a huge positive impact on the Indian economy. 'In the first quarter, A decline of GDP is evident but that's due to the temporary disruptions caused before the roll out of GST. But, The results are going to be encouraging in the coming months. We believe all the measures taken by PM for improving business environment will pay off,' he anticipates, during a conference call ahead of the annual meeting of International Monetary Fund and World Bank at Washington.
In the first quarter (April-June) of the current financial year 2017-18, India's GDP slipped to three years low, 5.7 percent. GDP Growth stood at 7.9 percent for the first quarter of financial year 2016-17. Between the period from January to March, GDP of India is about 6.1 percent.
