L&T veteran AM Naik’s reality check for Modi: GST was messy, long road ahead for economic revival

By: |
Updated: November 22, 2017 5:05:02 PM

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".

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”. (Image: PTI)

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.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Uday Kotak explains what India must do to match China’s GDP per capita; it may be sooner than you think
2Moody’s upgrade boosts already growing confidence in Indian debt
3Very uncertain Janet Yellen still predicts US inflation rebound