Despite two successive poor monsoons, India’s GDP grew at a fast clip of 7.9 per cent during the quarter January to March 2016, leading to an overall growth of 7.6 percent for FY 2015-16.
“Once we legislate GST, economists are unanimous that our GDP will grow by an additional 1-2 per cent,” said a press release by the Indo American Chamber of Commerce. “If the Make in India initiative takes root, it will further boost the economic growth of the country,” the release said. With the GDP of China now exceeding $10 trillion p.a., and the corresponding acceleration in labour cost, India is an excellent alternative to the western world and in particular to the US.
