Indian economy will bounce back in next quarter: Ravi Shankar Prasad
GST and demonetisation has brought about positive changes in the economy, as it has become formal from informal, tax compliant from tax evading, and from black to white
Union minister for IT and Law and Justice Ravi Shankar Prasad said that the Indian economy will bounce back from the next quarter.
He was speaking at a press conference at Gujarat BJP headquarter Shri Kamalam on Saturday. He said that the GST had brought in many positive changes in the economy. He also said that the GST rates in different slabs would be revised further, if people feel the need for it.
He said, "The Indian economy has been put on a right and faster track by the PM Modi-led government and after the GST regime, GDP will bounce back from the next quarter. If there is need, and if tax compliance increases and GST sees more success, rates of tax in different slabs will also be reduced. People can expect this as NDA government is not an authoritarian one. "
"GST and demonetisation has brought about positive changes in the economy, as it has become formal from informal, tax compliant from tax evading, and from black to white. The Modi led government succeeded in bringing down inflation, fiscal deficit, working account deficit and the rise was seen in Foreign Direct Investments. India has become the fastest growing economy in the world, say international firms," the minister said.