The World Bank is predicting that the growth in India’s gross domestic product will accelerate if Prime Minister Narendra Modi follows through on planned economic reforms. The bank foresees India’s GDP rising by 5.6% in the current 2015 fiscal year, 6.4% next year and 7% in the 2017 fiscal year. The dismantling of interstate checkpoints and “implementing the general sales tax will transform India into a common market, eliminate inefficient tax cascading, and go a long way in boosting the manufacturing sector,” said the bank report. These moves will boost competitiveness and offset domestic and external risks, it said.
