;
Home / Knowledge / News / Textiles / India's slowdown brief, GST to have positive impact: WB
India's slowdown brief, GST to have positive impact: WB
06
Oct '17
India
Goods and Services Tax (GST) will have ‘a hugely positive impact’ on the Indian economy and the slowdown observed in the first quarter of this fiscal is temporary, World Bank (WB) President Jim Yong Kim has said. The recent slowdown is an ‘aberration’ that will get corrected in the next few months and the GDP growth will stabilise during the year, he said.

“We’ve been watching carefully, as Prime Minister [Narendra] Modi has really worked on improving the business environment, and so, we think all of those efforts will pay off as well,” news agencies quoted Kim telling reporters during a conference call ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank in Washington.

Indian finance minister Arun Jaitley would be leading the Indian delegation to the annual meeting next week.

Praising the Indian prime minister’s ‘huge commitment’ to sanitation issues and improving opportunities, he said the ‘Swachh Bharat’ campaign is one of the ‘most effective programmes’ anywhere. The World Bank aims at bringing in the most effective intervention to India based on the political will and commitment demonstrated by the prime minister to improve human capital, he said.

India’s GDP grew 5.7 per cent on a year-on-year basis during the April-June period. The figure was 6.1 per cent during the previous quarter.

Concerned over a rise in protectionism, policy uncertainty, or a possible financial market turbulence, Kim said the global economy has started accelerating and trade is picking up after years of disappointing growth, but investment remains weak.

This year, the bank is producing a new report in a series on ‘The Changing Wealth of Nations’ and has added human capital to its wealth analysis for the first time, Kim added. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Bangladesh jute industry at risk due to old technology

Textiles | On 18th Dec 2018

Bangladesh jute industry at risk due to old technology

Bangladesh’s jute industry is losing productivity and competitiveness ...

Cotton trading pace slows down in Brazilian market

Textiles | On 18th Dec 2018

Cotton trading pace slows down in Brazilian market

With the low quality of the batches available in the Brazilian market ...

Courtesy: Destination Maternity

Apparel/Garments | On 18th Dec 2018

Destination Maternity reports sales of $92.8 mn in Q3

Destination Maternity Corporation, the world’s leading maternity...

Interviews View All

Cindy McNaull, Cordura

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Subhashini Srinivasan, The S Studio

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search