Government Doing Very Well, GST to Boost Growth: Adi Godrej

Mumbai: Industrialist Adi Godrej on Wednesday said the Narendra Modi government is "clearly on the path of reform and if the Goods and Services Tax (GST) comes into effect next April, India could see a GDP growth of over 10 per cent.

"If the GST bill is passed and comes into effect from April 1, then we could see double digit GDP growth of over 10 per cent," the Godrej Group chairman told PTI here.

"This will be extremely good for the economy and our businesses will benefit a lot."

The macroeconomic situation is currently very conducive to growth, he said.

"The macro-economic situation has been brought under control, fiscal deficit is under control, foreign exchange reserves are growing, the rupee has stabilised," Mr Godrej said.

About the Modi government's one year in the office, he said, "The government has done very well in the first year. It is clearly on the path of reform and liberalisation."

"From 5 per cent growth two years ago we have come to a 'good situation' and in coming days, it could further improve to 'very good' situation," he added.

"We are already the fastest growing economy in the world. If the government focuses on growth, the economy will remain strong," he said, adding that with this, the social conditions will also improve.

"With GST, FDI in defence, insurance... the government is moving in the right direction," he said.

Mr Godrej also lauded the 'Make in India' policy. He said he believes that innovation is important for the country as well as for the growth of Indian companies.

"Young Indians have many good ideas, and many of them have become entrepreneurs. They have become job creators instead of job seekers," he said.