"GST is the biggest proposed reform. It can contribute 1.5 percent to the GDP growth," Godrej told reporters.
Godrej said that CII has been working at all possible levels to build consensus for the early implementation of GST. "In the coming months, you will see further deepening of this engagement," he stated.
The indirect tax regime is likely to be passed by the end of this year.
Bihar Finance Minister Sushil Modi, who heads the panel of state finance ministers, said that the much-awaited indirect tax reforms are likely to be implemented from the beginning of next fiscal.
Godrej said that the Indian economy was likely to grow by 7.5 percent in the current financial year.
India's gross domestic product (GDP) is estimated to slump to 6.9 percent in 2011-12 as compared to 8.4 percent in the previous year.
Godrej, Chairman of Godrej Group, said that there was need for structural reforms at both the centre and state levels to boost growth.
He said that CII has been continuously engaging with the government and political parties in advocacy efforts to promote reforms in critical areas such as taxation, financial services, land acquisition, manufacturing, energy, mining, and several others areas of importance to the economy.
The Massachusetts Institute of Technology-educated Godrej took over as president of CII on April 18.