Need simpler GST regime, stable policy setting: Sumant Sinha, Assocham President

India needs a strong contract-enforcement agency, a simple GST regime and simplified taxation process along with a stable policy environment to significantly improve ease of doing business, said Sumant Sinha, the newly elected president of Assocham.

India's economy is poised for sustained high growth in the coming years, he said, while flagging another Covid-19 wave and the Russia-Ukraine as possible risks.

Sinha, who is chairman and managing director of ReNew Power, took charge as president of the industry body on Monday. Also, Ajay Singh, chairman and managing director of SpiceJet, took over as the new senior vice-president of Assocham.

"After Covid impacted economic activities for a year and a half, there has been a very nice bounce back and the expectation for next year's GDP growth is about 7.5-8%. The number of reform measures that have been undertaken, robust exports and controlled inflation will ensure that the momentum is going to carry through into next year and beyond," Sinha told ET in an interview.

Sinha, however, cautioned about the impact of the external environment on India's growth story. "Having said that, of course, in all of these situations, there are always some risks to growth as well. One of those, of course, is the external environment, where there is some degree of uncertainty because a conflict is going on," he said.

"The second thing is, of course, Covid itself. Hopefully we have seen the last of Covid but that is something we have to wait and watch," he said.