Mumbai

According to RBI Governor Shaktikanta Das, structural economic reforms like the Goods and Services Tax (GST) are propelling India toward a sustainable GDP growth trajectory of 8%.
The average increase India saw over the course of the three years was 8.3%, and for this year, we have projected growth of 7.2%, Das stated at the 188th Annual General Meeting of the Bombay Chamber of Commerce & Industry.
India’s economic development is still accelerating and may get better in the upcoming months. He also stated that the nation was headed toward consistent growth of 8%.

The governor of the Reserve Bank of India added that there was evident evidence that capital spending by the private sector has accelerated, which should support growth even further.
He also emphasized India’s role in the global economy’s expansion during the global recession.
In the most recent fiscal year 2023–2024, the Indian economy accounted for 18.5% of worldwide growth, meaning that India was the primary driver of 18.5% of global growth. It’s an accomplishment since it was considerably smaller seven or eight years ago, and he said, I believe the IMF projects this growth to go up.

According to him, the introduction of the Goods and Services Tax, the Bankruptcy and Insolvency Code, and Flexible Inflation Targeting are the main forces behind this expansion.
One benefit of GST is that it eliminates the need for multiple taxes. He said that it is one of the largest structural reforms in India since 1947.