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'India stable destination for investment'
16
Feb '16
Courtesy: PIB
Courtesy: PIB
Barely a week after the Central Statistics Office predicted a 7.6 per cent GDP growth for India, a report by business consultancy KPMG says India is set to become an even more attractive and stable destination for investors on the back of favourable macroeconomic conditions.

The KPMGs report titled 'India Soars High' was released at the Make in India Week event in Mumbai.

According to the report, India is on a higher economic growth trajectory even as global economies struggle to cut through stubborn headwinds.

"With favourable macroeconomic conditions, a prudent fiscal policy, responsible government spend and a pro-reform government, India shall continue to evolve into an even more attractive and stable investment destination," the report said.

It noted that strong economic growth prospects combined with a unified tax system would increase the scope for infrastructure investment.

"This would be further strengthened by the measures to rationalize subsidy," KPMG said. "The savings from subsidies and higher tax revenues would enable the government to fund its capital expenditure plan while sticking to the fiscal discipline," it said.

According to KPMG, the government is committed to bring fiscal deficit down to 3 per cent by 2017-18. "Reform measures initiated by the government have underpinned India's long term growth potential while the reduction in current account deficit on the back of falling oil prices enabled the RBI to increase foreign exchange reserves, which could act as a cushion against external shocks," the report said.

It said the Indian economy is now expected to become even more resilient which would give investors enough comfort to operate in India. (SH)

Fibre2Fashion News Desk – India

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