Goods & Services Tax– Consequences to Producers in India
The Producing sector in any country can rightly be deemed as the backbone of its economy, leveraging its resources for maximum economic boost, which then makes way for competitive trade and business to take place – locally, nationally as well as globally. India too has, emerged as one of the high growth sectors in the manufacturing space, a fact evidenced in an increase of no less than 7.9 percent in Gross Value Added (GVA) at basic constant prices year-on-year as of 2016-17. What‟s more, the Make in India project helmed by the Government of India is all set to maximize the country‟s demographic and geographic advantages to build India into a manufacturing and technological hub (particularly in the electronics sector), marking its commercial territory on the world map by the end of 2020. On a statistical level, the GDP share of the manufacturing sector is expected to surge to 25 percent by 2022, up from the current 16 percent, along with 100 million jobs by 2022.