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India's growth rate should quickly get back to 8%, says Kaushik Basu

India's growth rate should quickly get back to 8%, says Kaushik Basu

India's growth rate should quickly get back to 8%, says Kaushik Basu
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By CNBC-TV18 Aug 7, 2018 1:29:24 PM IST (Published)

India's growth is going to pick up the pace soon and it will quickly get back to 8 percent, said Kaushik Basu, former chief economic adviser. 

India's growth is going to pick up the pace soon and it will quickly get back to 8 percent mark, said Kaushik Basu, former chief economic adviser.

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"I am expecting India to do better on the export front than it has done over the last couple of years," Basu said. For the recent slowdown in growth, Basu said that Goods and Services Tax and demonetisation disrupted the market.
"GST is a good move but it was an initial disruption and its implementation could have been better. So, GST coupled with demonetisation slowed it down," he said.
Basu, who was also the World Bank's chief economist, said that the rupee is getting stronger in real terms.
There has been some correction over the last few months but not enough and the strengthening of the rupee means that exports are being hurt globally," he said.
"This is my own back of the envelope calculation, I would expect something like 70-71 rupees to the dollar to be where it should rest which is going to give the space for our producers to get in competitively in the world market, that has not happened," Basu said.
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