Trend Watch 2017: Digitization, rural growth and global ambition shape India
2016 was a year of upheaval for much of India. Radical policies from central government such as the introduction of a common Goods and Services Tax (GST) and demonetization of 86% of the country's paper currency value took precedence, against a backdrop of Asia's economic slowdown and international political upheaval.
The biggest change from previous Indian regimes, and one that will directly impact India's businesses, is that the Modi government is now actively pushing economic and social change. GST will stimulate economic growth - the expected GDP growth that could be attributed to GST directly is between 1.5-2 percentage points. The new tax does, however, impact brands with regards to price-setting at a time when demonetization has seen Indians with less money in their pockets.