The government’s firm progress in the terms of the Goods and services bill has drawn the attention of the IMF. It has been confirmed that this would “ignite” the business investment and will boost the growth of this country which is at a medium rate presently.

"India's strong reform push in 2016 is welcome and should continue apace. Adoption of the goods and services tax is poised to boost India's medium-term growth," the IMF said in its latest Asia Pacific regional economic update.

Medium-term growth has been revised down to 5.8 per cent from 6.2 per cent, reflecting rising vulnerabilities and slower progress on reining in credit growth and on state-owned-enterprise reform, it said.

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