The landmark GST reforms should progressively result in a sustained positive impact through significant gains in ease of doing business, lower retail prices and strengthening of consumption growth drivers, the RBI stated in its monthly bulletin published on Wednesday.
Coupled with income tax relief for households and employment augmenting measures, the stage is set for a sustained pick-up in consumption demand in the second half of this fiscal, and potentially for a virtuous cycle of higher investments and stronger growth impulses, overcoming persistent global uncertainties, the RBI said.
