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New GST can remove a lot of wastage: Kaushik Basu, chief economist of World Bank

News:

  • Kaushik Basu, senior vice president and chief economist of the World Bank, has first-hand experience working in North Block having served as India’s chief economic advisor from 2009 to 2012 and his forthcoming book, An Economist in the Real World, is based on a ringside view of those India days.
  • He said, India’s new GDP figures are better and more reliable and they capture the value added in the manufacturing sector more comprehensively than in the past.
  • Cutting down bureaucratic costs is one measure that can singlehandedly boost India’s growth and he adds that

    India’s tax GDP ratio is too low.
  • Earlier this year, the World Bank, for the first time, predicted that India would actually be leading the growth chart among all major economies in the world, including China.
  • Aadhaar can be a game-changer as it facilitates delivery of benefits to the poor directly, often by simply enhancing their buying power.

Source: ET

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