1. GST implementation can add over 1.5 percentage points to GDP growth: FICCI

GST implementation can add over 1.5 percentage points to GDP growth: FICCI

Ficci said that passage of key legislations is urgently needed to push business sentiments, greater investments and jobs creation.

By: | Updated: August 12, 2015 4:53 PM
gst bill in rajya sabha

Protests by the Congress on Wednesday has again stalled discussion in Rajya Sabha on the constitution amendment bill for GST. (Reuters)

Ficci on Wednesday said that passage of key legislations is urgently needed to push business sentiments, greater investments and jobs creation.

“Passage of key legislations is urgently needed to push the business sentiments, encourage greater domestic investments and create over a million jobs each month. GST is one such reform, which once implemented can add over 1.5 percentage points to the GDP growth. We look forward to progressive dialogue and political consensus on key socio-economic issues in the Parliament to further the national growth agenda”, said Jyotsna Suri, president, Ficci.

Protests by the Congress on Wednesday has again stalled discussion in Rajya Sabha on the constitution amendment bill for GST. ‘Disheartened’ by the continuing disruptions in Parliament, top industrialists including Rahul Bajaj, Adi Godrej and Kiran Mazumdar-Shaw have signed an online petition along with 17,000 persons to end the gridlock. The petition urges all political parties to end the logjam and begin a consultative and collaborative process for passage of key reforms Bills.

“Achieving sustained higher growth of 8-10% is imperative for Indian economy so as to meet the objectives of inclusion, poverty alleviation and creation of employment opportunities. The pace of economic recovery has been slow with manufacturing sector yet to see a major turnaround,” said Suri.

Uncertainty over the fate of GST Bill weighed on the Indian markets on Wednesday. The BSE Sensex tumbled 353.83 points to close at 27,512.26, while NSE Nifty cracked below 8,400-mark by falling 108.55 pts to 8,353.80 on Wednesday.

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