India’s youth key to economic growth: DBS
05/08/2016 09:58
According to a major Singapore-based bank DBS, India's young population will be an advantage for its economic growth as the country's GDP is likely to improve at 7.9 per cent for the year 2017-18. Commenting on the issue, DBS chief economist David Carbon told the media, "India, Indonesia and Philippines have growth potential supported by young population." “With India's working age population on the rise, the key differentiator vis a vis other Asian economies will be productivity gains,” he added. Meanwhile, DBS felt that the Goods and Services Tax (GST) implementation will boost economic growth to above 8 per cent by 2019-20, having negative implication in the short term soon after implementation. As per reports, the GST Constitutional Amendment Bill was cleared by the Rajya Sabha yesterday and is likely to be approved by the Lok Sabha this week after incorporating changes made by the Upper House.
