GST Bill ‘brahmastra’ can power-up the Indian economy: Top 10 striking points
GST Bill is a ‘brahmastra’ for the Indian economy that is stuck in a slowdown as it can deliver standout growth, even if that happens with a lag of a few years: Exactly how important the GST Bill brahmastra is to India is clear from the fact that both PM Narendra Modi and Congress’ Sonia and Rahul Gandhi are willing to give up their mutual acrimony and try to move from a situation of conflict to consensus – they Modi and Sonia had tea at 7 Race Course Road over the issue, something that is unheard of
November 28, 2015 16:52 IST
GST Bill is a ‘brahmastra’ for the Indian economy that is stuck in a slowdown as it can deliver standout growth, even if that happens with a lag of a few years: Exactly how important the GST Bill brahmastra is to India is clear from the fact that both PM Narendra Modi and Congress' Sonia and Rahul Gandhi are willing to give up their mutual acrimony and try to move from a situation of conflict to consensus – they Modi and Sonia had tea at 7 Race Course Road over the issue, something that is unheard of. In line with trends ascribing catchy traditional names to current topics, industry body Assocham has tagged the GST bill a ‘brahmastra’ for India in challenging global times. We show exactly how crucial the GST Bill is to reforms here in 10 points: (Prime Minister Narendra Modi with former Prime Minister Manmohan Singh and Congress President Sonia Gandhi during a meeting in New Delhi on Friday. PTI photo)
1. “Goods and Services Tax is a key ‘brahmastra’ for our GDP. Lawmakers across parties should pass the Constitutional Amendment Bill on GST without further delay.”
2. “This would send a strong signal to investors that India’s economy can overcome serious global challenges with political will”.
The biggest impact of the Pay Commission awards will be in the housing segment in smaller cities.
4. “GST will harmonise indirect taxes by doing away with multiplicity of taxes. It will also reduce cost of production, which will be then passed on consumers, thus lowering inflation. More striking would be the display of a political unity and the will to rise up to national cause,” he said.
India GDP growth: A Reuters survey of economists expected data out on Tuesday will show India's gross domestic product grew 7.5 per cent year-on-year between January and March, faster than the previous quarter's 7.3 per cent.( Photo: AP)
6. “This fiscal, Indian economy is expected to register a growth of 7.2 per cent to 7.3 per cent. It will be below 7.5 per cent this year. In 2016-17, it may increase to about 7.5 to 8 per cent and 9 per cent in 2018-19. But it will depend on so many things.”
9. Amit Shah: Taking a dig at Congress for its criticism of BJP over alleged intolerance, he said the UPA government had acted against internet giant Google for allegedly showing a cartoon against Congress president Sonia Gandhi "while I keep all cartoons against me on my website". Asked whether his relationship with the Gandhi family is not good, Shah said, "It is true that the relationship is not good. As far as I am concerned, the relationship is not good. I do not know about them."
9. “If the Congress party or any other national or regional party has some specific concerns, the government should look into the same and address it as far as possible. There can always be a middle ground.”
10. “Critical challenge was to generate jobs for the one million Indians joining the workforce every month. For that, improving the ease of doing business, better infrastructure, affordable access to finance are critical steps.”