The introduction of GST has passed of smoothly and the economy looks set to enter a higher growth trajectory once the initial teething troubles are sorted out.

At the stroke of the midnight hour on the intervening night of June 30 and July 1, while the world slept, much of India was wide awake, watching President Pranab Mukherjee and Prime Minister Narendra Modi formally launch the much awaited Goods and Services Tax (GST).



At the stroke of the midnight hour, India was transformed – from 29 discrete markets each with its own labyrinthine tax laws to one common market.

A leading Indian industrialist traces the Gujarat development story and lays out the many opportunities in specific sectors for foreign investors.

As businesses prepare to deal with these bouts of uncertainty, they would obviously be looking for destinations that offer good prospects for growth and where policies are being calibrated to unlock potential of the domestic economy as well as reap benefits of aligning with regional value chains. India is one such country, perhaps one of the very few in the world, that fits into this category.

As we enter the year 2017 and review the global economic outlook, we see a horizon that is quite challenging. Global economic growth is still weak. Strategic and economic relations among major countries are undergoing a change. Global trade architecture is in for a makeover, with priorities being redefined by countries.

India needs $1 trillion in investments over the next five years to upgrade its creaking infrastructure to global standards but a combination of unfavourable market conditions, weak commodity prices, inability of Indian banks to lend large sums of money, poor raw material linkages and lack of urgency at the level of state governments have conspired to make the task even more difficult than it otherwise would have been.