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LATEST NEWS UPDATES | Demonetisation, GST held back growth: Raghuram Rajan

Demonetisation, GST held back growth: Raghuram Rajan

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published Published on Nov 11, 2018   modified Modified on Nov 11, 2018
-PTI

Says 7% growth not enough; centralisation of power a problem.

Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India’s economic growth last year, former RBI governor Raghuram Rajan has said, asserting that the current 7% growth rate is not enough to meet the country’s needs.

Addressing an audience at the University of California in Berkeley on Friday, Rajan said for four years — 2012 to 2016 — India was growing at a faster pace before it was hit by two major headwinds. “The two successive shocks of demonetisation and GST had a serious impact on growth in India. Growth has fallen off interestingly at a time when growth in the global economy has been peaking,” he said delivering the second Bhattacharya Lectureship on the Future of India.

On the second anniversary of demonetisation on November 8, finance minister Arun Jaitley staunchly defended the drive, saying ‘prophets of doom’ have been proven wrong as hard data of two years shows an increase in tax base, greater formalisation of the economy and India retaining the fastest growing economy tag for the fifth year in a row. “By the time the first five years of this government are over, we will be close to doubling the assessee base,” he said in a Facebook blog ‘Impact of Demonetisation’.

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Financial Express, 11 November, 2018, https://www.financialexpress.com/economy/demonetisation-gst-held-back-growth-raghuram-rajan/1378218/


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