L&T veteran A M Naik has criticised the Narendra Modi government for the confusion over the GST saying that its implementation could have been “well-thought-out”, even as he believed that the country needed one tax system. Speaking with ET Now, A M Naik said, “I have said before, I am saying again that it could have been better implemented, well-thought-out.” He further said that job creation is the biggest challenge for the Modi government.
Saying that GST could have been better-thought-out before the implementation, A M Naik, criticised changes made in tax rates “almost every month”. “Almost every month we have changed the rates that create confusion in the market. A lot of deals have taken place, let’s say at 28%, which have changed to 18%, what happens to recover the balance?” he asked. However, he said that in short-term disruption in major changes is bound to happen but in the long term, it is good for India.
A M Naik said that he expects India to take another one and one-and-a-half year to fully recover from the disruptions as private sectors are not investing much and the government is facing a lot of elections. Although he lauded Moody’s India upgrade saying that it will add to the confidence of the world in India, which will result in more capital investment.
A M Naik was recently called the”original Make-in-India man” by Reliance Industries Chairman Mukesh Ambani during the launch of his biography. In his biography, he recalled how he managed to thwart the overtake bids by both Reliance and Birla.