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2.4 INDIA
2018/01/21
Reported by Rakesh Kumar, Technical Editor, ISHRAE Journal
 
Economic Scenario
 
India’s GDP grew 7.4% during fiscal year 2016 spanning April 2016 to March 2017, which called fiscal year 2017 in India, against 6.8% in the previous fiscal year - the highest amongst all major economies. According to a World Bank report, India continues to be one of the fastest growing economies in the world. The negative effect of demonetization tapered off by the end of the fiscal year.
 
A Goods and Services Tax (GST) was implemented all over India from July 1, 2017. There have been hiccups due to bugs in the software and the need to make frequent changes in tax rates due to feedback from stakeholders, leading to a slowdown in growth during the July-September 2017 quarter.
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