The Indian industry witnessed a temporary slowdown following implementation of the goods and services tax (GST) in July this year despite government efforts to mitigate the problems and improve business conduciveness, according to a recent joint study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and technology consulting firm EY.
But still India will see sustainable growth in the near future, said the report titled, ‘Ideate, Innovate, Implement: Invest in India’.The Indian industry witnessed a temporary slowdown following implementation of the goods and services tax (GST) in July this year despite government efforts to mitigate the problems and improve business conduciveness, according to a recent joint study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and technology consulting firm EY.#
GST will significantly affect all aspects of businesses, including supply chain, sourcing and distribution decisions, inventory costs and cash flows, pricing policy, accounting and transactions management, an ASSOCHAM press release said quoting the study.
The study urged the central and state governments to jointly work by executing investor-friendly policies to strengthen investment prospects and carrying out effective judicial reforms to do away with a complex legal framework that scares investors.
Factors like robust domestic consumption, investor-friendly strategies, skilled manpower, transparency in government procedures and responsive policy making, with an immediate focus on effective implementation of reforms will continue to position India as a preferred investment destination, the study added. (DS)
Fibre2Fashion News Desk – India
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