GST would propel India's growth, says Godrej Group Chairman Adi Godrej

Singling out GST as a key for driving growth, Godrej Group Chairman Adi Godrej on Thursday said implementing it alone can propel India's growth rate to double digits.

"Even if there are no other reforms, if the next government implements the GST, I firmly believe it will drive our growth to double digits," Godrej told reporters in the national capital in an interaction.

Exuding confidence that it will be implemented, he said, "I am expecting it to happen by April 2016."

He said goods and services tax (GST) is such a key issue as it will help in bringing down commodity prices while decreasing tax avoidance rate.

When asked for comments on FMCG sector, he said growth will continue just as the group's firm GCPL had clocked 12 per cent increase in sales in the last quarter. GCPL had posted revenue of Rs 2,097.66 crore in the first quarter of this fiscal.

Godrej said the group is still open for acquisition opportunities in developing markets, including India. "The appetite is never satiated," he said when asked about acquisition in FMCG sector.

Bullish on the Indian economy, he said the recent volatility in global markets has not affected the country much compared to others.

On business environment, he said it has improved in the last one and a half years, while stating that the "less government interference in business the better it is".

He also supported calls for a cut in interest rates saying India had one of the highest rates, specially in emerging markets.