New Delhi: S&P Global Ratings today said the Indian economy is shaking off its post-GST implementation woes but risks from higher oil prices have reappeared. In a report titled APAC Economic Snapshots - January 2018, S&P said overall economic risks in India remain low with pick up in industrial output and bank credit.
"The Indian economy appears to be shaking off its post- GST implementation woes... Overall economic risks in India remain low, although risks from higher oil prices have reappeared," it said. International oil prices have been rising which has also led to increased prices of petrol and diesel. A majority of India's import bill stem from crude oil purchases.
Goods and Services Tax (GST) which unifies over a dozen local taxes, including excise and service tax, was implemented from July 1, 2017.
During the July-September, 2017, quarter, the Indian economy expanded by 6.3 per cent as manufacturing picked up and businesses adjusted to the new GST tax regime.
As per Central Statistics Office (CSO) estimates, the economy will grow 6.5 per cent in the full fiscal ending March.
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