Oct 20, 2017
The Vice President of India, M. Venkaiah Naidu has said that reformative measures like the introduction of GST will improve the economy.
He was addressing the 90th anniversary celebration of Andhra Chamber of Commerce, in Chennai, Tamil Nadu on Tuesday. The Governor of Tamil Nadu, Banwarilal Purohit and the Minister for Fisheries, Personnel and Administrative Reforms, Tamil Nadu, D. Jayakumar were present on the occasion.
He said, Reformative measures like the introduction of GST will improve the economy in the long run, although there might be some teething problems in the initial stages of implementation. In the end, such reforms will also benefit the consumers.
Quoting a report by World Bank, he said, with various measures taken by the government to step up economic growth, including FDI in various sectors and given the strong macro-economic fundamentals, India will continue to grow steadily. 'The economic activity', according to the 'Country Snapshot' published by the World Bank, is expected to stabilize, maintaining annual GDP growth at 7% in the year 2018.
The report goes on to say, "Growth is projected to increase to 7.4% by Fiscal year 2020, underpinned by a recovery in private investments prompted by a recent increase in public capex and an improvement in the investment climate (partly due to the passage of the GST and the bankruptcy code and the measures to attract FDI)."
In his address, he said, "Describing the two major recent reforms in India - demonetisation and goods and services tax (GST) -as a monumental effort, IMF chief said "it is hardly surprising that there is a little bit of a short-term slowdown as a result. But for the medium term, we see a very solid track ahead for the Indian economy, she said to a question on India.
The world is changing at a rapid pace aided by technological and digital revolutions. Any nation unable to keep pace with the changes will become a laggard. India is at the threshold of becoming one of the major economic powers and the private sector can play a huge role in accelerating the growth and development of the country.
In his address he added that Tamil Nadu is among the States which are in the forefront of industrialization. This State is known, among others, for the automotive, leather and textiles industries and the hard working nature of the population. To spur growth, we have to improve infrastructure, resource efficiency and promote innovative technologies, he added.
Source: SME Time