Indian government has implemented bold reforms in recent years, including the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC). While these reforms have brought short-term economic pain, they have boosted India’s medium-term outlook, Standard Chartered said. In a research report on Economic Outlook in 2018, it said the worst is over for India's GDP growth, adding "We expect growth to normalise gradually over the next four to six quarters as the disruptive impact of major policy changes fades."