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GST promises to boost GDP growth rates by up to 2%: President

It paves the way for creation of a unified market for goods and services, and promises to boost GDP growth rates by up to 2 percent over the medium and the long term," he said at a conference here on 'Enabling Make in India through Industry Academia Innovation Platform' organised jointly by CII and IIEST.

Noting that food prices remained within comfortable levels in the early months of this year, the President warned that "we must remain alert as they have started to rise lately." He expressed satisfaction at India's foreign exchange reserves which today stand at USD 365 billion.

We can say confidently that our economy has revived and our prospects are brighter as we are poised to grow at 7.5 percent in both 2016 and 2017

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Oil prices bounce after U.S. gasoline inventory draw

U.S. West Texas Intermediate (WTI) crude futures CLC1 were trading at $41.15 per barrel at 0139 GMT, up 32 cents, or 0.8 percent, after rising 3.3 percent and back over $40 the previous session.

The jumps on Wednesday and Thursday marked at least a temporary end to a sharp downward trend since June, which saw crude futures lose some 20 percent of their value.

"Oil prices rallied after the EIA weekly report showed gasoline inventories declined the most at this time of the year for at least five years," ANZ bank said

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