KPMG in India on the Economic Survey 2017-18:
Statement from Arun M Kumar, Chairman & CEO, KPMG in India
The Economic Survey elegantly lays out the state of the economy and the progress made over the past years. It highlights the emerging model of cooperative federalism exemplified by the GST Council, identifies “4Rs” of managing through the non-performing assets problem under the impetus of the Bankruptcy Code and the steps taken to create an infrastructure for the targeted delivery of government resources to the poor. The Survey also draws attention to the encouraging fact that States’ tax collections are rising faster than the overall rate of increase. The beneficial impact of international and interstate exports to the economies of States is noted. The Survey articulates how policy reforms are leading to actual progress and notes that the economy is back on an accelerating growth track.
Statement from Girish Vanvari, National Head of Tax, KPMG in India
“In the backdrop of a changing global economic scenario, stabilising GST, rising crude prices, the projected GDP growth of 7 to 7.5% for 2018-19 looks promising and puts India as the highest significant growth economy in the world next year. Further the emphasis on the need for an investment led inclusive growth, timely dispute resolution (including tax litigation) as the focus areas, the Survey hits the right note. The findings/suggestions if implemented successfully should lead to revival of the jobs, consumption cycle and improvement of the investor sentiment. It will be interesting to note how the government responds to the popular expectations of lower tax rates at individual and corporate tax levels especially in the light of an increasing tax base post GST and demonetization.“
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