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GST will drive India’s growth to double digits: Adi Godrej

Godrej Group Chairman Adi Godrej said GST is such a key issue as it will help in bringing down commodity prices while decreasing tax evasion.

Adi Godrej
Patanjali is doing well by leveraging its founder Ramdev's image and selling "simple products like ghee and honey", but is still small in the value-added segment, Godrej Group Chairman Adi Godrej said today. (PTI)

Being bullish on the Indian economy, Godrej Group Chairman Adi Godrej on Thursday said that volatility in global markets has not affected the country much compared to others. He further said that GDP growth is highest in India and we are overatking China.

“Implementation of GST will drive our growth to double digits,” he said, adding “I am expecting it to happen by April 2016.”

He said GST is such a key issue as it will help in bringing down commodity prices while decreasing tax evasion.

He also supported calls for a cut in interest rates saying India has one of the highest real interest rates and it should be between 3-4 per cent.

When asked for comments on FMCG sector, he said growth will continue just as the group’s firm GCPL had clocked 12 per cent increase in sales in the last quarter. GCPL had posted revenue of Rs 2,097.66 crore in the first quarter of this fiscal.

Godrej said the group is still open for acquisition opportunities in developing markets, including India. “The appetite is never satiated,” he said when asked about acquisition in FMCG sector.

On business environment, he said it has improved in the last one and a half years, while stating that the “less government interference in business the better it is”.

With PTI inputs

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First published on: 28-08-2015 at 10:43 IST