- World Bank has released its report on Global Economic Reports 2014, according to which India’s growth is projected at 5.5% in 2014-15, increasing to 6.3% in 2015-16 and 6.6% in 2016-17.
- Released just head of the new govt’s budget, the report says:
- Domestic investments will rebound and manufacturing activities are likely to pick up.
- Simplified tax structure, Goods and Services Tax (GST), better management of subsidies and a widened tax base will accelerate growth and facilitate pro-poor expenditure.
- India’s general govt deficit is still more than 2% points of its GDP indicating incomplete recovery of the depleted fiscal buffers.
- Read at: http://www.thehindu.com/todays-paper/tp-business/widen-tax-net-to-push-growth-world-bank/article6135407.ece
Exams Perspective:
- Global Economic Report 2014
- Goods and Services Tax (GST)
- Budget Deficit
- Fiscal Deficit
- World Bank