Adi Godrej of Godrej Industries believes that the proposed passing of the GST bill will be a good impression on markets and a good change. “GST is an extremely good development for the Indian economy,” Godrej said in an interview to CNBC-TV18. According to him, this bill if passed, will dramatically change the Indian business landscape. He said, “India could get into double-digit growth on good monsoon & GST. ” This will make industrialists open up their investment plans. In the interview, he said that double-digit growth would become a reality after around next year. People will be able to see the immediate effect in the stock markets. Godrej had earlier said that the adoption of the GST bill will be one of the biggest reforms after the economic reforms of 1991.
He said that the with a good monsoon after the pay panel implementation will ensure that GST will improve growth. For his own company, he said Godrej Industries’ profit growth has been very good and will improve with a good monsoon and pay panel implementation and especially with GST. Adi Godrej looks at Goods and Services Tax and pay commission revisions as consumption driving forces. One of India’s major tax reform, the much awaited, GST Bill would be brought for consideration in Rajya Sabha on August 3. The Goods and Services tax is one of India’s major indirect tax reform. This would have a considerable effect on production and distribution of goods in the country.