"If the GST bill is passed and comes into effect from April 1, then we could see double digit GDP growth of over 10 per cent," the Godrej Group chairman told PTI in Mumbai.
"This will be extremely good for the economy and our businesses will benefit a lot," he added.
The macro-economic situation is currently very conducive to growth, he said.
"The macro-economic situation has been brought under control, fiscal deficit is under control, foreign exchange reserves are growing, the rupee has stabilised," Godrej said.
About Narendra Modi government's one year in the office, he said, "The government has done very well in the first year.
It is clearly on the path of reform and liberalisation."
From five per cent growth two years ago we have come to "a good situation" and in coming days it could further improve to "very good" situation", he added.
"We are already the fastest growing economy in the world. If the government focuses on growth, the economy will remain strong," he said, adding that with this the social conditions will also improve.
"With GST, FDI in defence, insurance... the government is moving in the right direction," he said.
Godrej also lauded the 'Make in India' policy and added that he believes that innovation is important for the country as well as for the growth of Indian companies.
"Young Indians have many good ideas, and many of them have become entrepreneurs. They have become job creators instead of job seekers," he said.