Economic Affairs Secretary Shaktikanta Das has said a good monsoon and passage of the GST bill will take India to 8 per cent growth in 2016-17.
New Delhi: Buoyed by impressive GDP numbers, the government on Tuesday said more economic reforms and policy initiatives are on the cards in the coming months while pinning hopes on a good monsoon to push growth to 8 per cent.
"Government committed to continue reform measures and policy initiatives. More action in coming months," Economic Affairs Secretary Shaktikanta Das said in a series of tweets.
Economy grew by 7.9 per cent in March quarter to consolidate India's position as the fastest growing major economy with a five-year high growth rate of 7.6 per cent for the full fiscal on robust manufacturing growth.
Enthused by the impressive numbers for 2015-16, as against 7.2 per cent in previous fiscal year, Mr Das said the growth rate can go up to 8 per cent in the current fiscal year on the back of good monsoon.
"Going forward, the outlook is very positive. A good monsoon and passage of GST constitutional amendment will take us to 8 per cent growth in 16-17," Mr Das said.
Meanwhile, Finance Secretary Ashok Lavasa in a tweet said, "GDP nos.,sign of times, CGA figures, statement of good financial Mgmt (sic). A good monsoon should bring cheer and govt's (sic) resolve boost confidence."
He further also said government would work towards pushing the economic growth further.
"We are focusing on capital spending in infra and social spending," he said.
The government is hopeful of passage of the Goods and Services Tax (GST) legislation, which is considered as the most comprehensive economic reform in indirect taxes since Independence, in the next session of Parliament.
Besides, the government is working towards operationalization of bankruptcy code, which will help the ease of doing business by providing the exit route to failed businesses.
After two years of successive droughts, the India Meteorological Dep