Indian economy shaking off GST roll out woes, but oil price a risk: S&P Global Ratings
'The Indian economy appears to be shaking off its post-GST implementation woes... Overall economic risks in India remain low, although risks from higher oil prices have reappeared,' S&P said.
New Delhi: S&P Global Ratings on Tuesday said the Indian economy is shaking off its post-GST implementation woes but risks from higher oil prices have reappeared.
In a report titled APAC Economic Snapshots -- January 2018, S&P said overall economic risks in India remain low with pick up in industrial output and bank credit.
"The Indian economy appears to be shaking off its post-GST implementation woes... Overall economic risks in India remain low, although risks from higher oil prices have reappeared," it said.
International oil prices have been rising which has also led to increased prices of petrol and diesel. A majority of India's import bill stem from crude oil purchases.
Goods and Services Tax (GST) which unifies over a dozen local taxes, including excise and service tax, was implemented from 1 July, 2017.
During the July-September, 2017, quarter, the Indian economy expanded by 6.3 percent as manufacturing picked up and businesses adjusted to the new GST tax regime.
As per Central Statistics Office (CSO) estimates, the economy will grow 6.5 percent in the full fiscal ending March.
Packaged food, bank cheques, and LED lamps and fixtures will attract more GST. A ropeway ride and orthopaedic alliances will become cheaper
He also questioned the government for 'backsliding' on the fiscal deficit target for the current year
GST collections rise by 56% to Rs 1.44 lakh crore in June; fifth time crosses Rs 1.40-lakh-crore mark
Speaking at the GST Day celebrations, Finance Minister Nirmala Sitharaman said Rs 1.4 lakh crore is the ‘rough bottom line’ for monthly GST revenue collections