Different Strokes - STRUCTURAL INITIATIVES As explained in our recent quarterly update, we expect gross domestic product to rise by 6.4% in 2017-18 and a slightly higher rate in the coming year. Output understandably took a bump in the wake of demonetisation and the subsequent roll-out of goods and services tax (GST). However, we believe these are largely behind us and recovery, going forward, should be robust and sustained. The fact is, consumption has been strong and constitutes the principal driver for growth with investment lagging behind. Be that as it may, in the years ahead the impact of certain government initiatives will play out favourably, as this paper will in subsequent paragraphs seek to explain. The perception is that fresh investments have lagged behind and that spending on plant and machinery remains subdued. However, the reality, we believe, is different. With demand continuing to grow companies are clearly producing more goods from existing capacities. T
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