The World Bank has said that India's GDP is likely to grow by 5.6 per cent this fiscal. In its report titled, 'India Development Update', the World Bank said that the growth is expected to accelerate as proposed measures such as the Goods and Service tax will give a boost to the manufacturing sector. It said, implementing the GST will transform India into a common market, eliminate inefficient tax cascading, and go a long way in boosting the manufacturing sector. The report also said that in the following years, GDP growth is likely to rise further to 6.4 per cent and 7 per cent.