Home / Knowledge / News / Textiles / GST can be India's 'Brahmastra' against global headwinds
GST can be India's 'Brahmastra' against global headwinds
27
Nov '15
New Assocham President Sunil Kanoria has said it is time lawmakers across parties passed the Constitutional Amendment Bill on GST without further delay. This would send a strong signal to investors that India's economy can overcome serious global and domestic challenges with political will, according to an Assocham press release.

He said GST can be a “Brahmastra” for the Indian economy against a very difficult global economic scenario, affected by demand slowdown, uncertain geo-political situation after the Paris terror attacks, and an unprecedented crash in vital commodities.

“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. That will be a great positive for revival of investment, both domestic and international, something most needed at this point of difficult international times,” Kanoria said in his maiden media interaction. Kanoria is also the Vice Chairman and Managing Director of SREI Infrastructure Finance.

“Our GDP growth can rise by 1 to 1.5 per cent by GST alone, going up to 9 per cent by 2018-19 from the present estimated 7.3 per cent if the government gives massive thrust to infrastructure development,” he said.

“The stipulation of additional one per cent duty should not be imposed and the GST should help country to make one India rather than divide India,” Kanoria added.

He urged the Congress Party to support the Goods and Services Bill in the Rajya Sabha. The newly elected Assocham President requested upon the Government as well to reach out to all the political parties for a common cause.

“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. Besides, the passage of the Bill would not mean casting it in stone; as the nation starts implementing the new taxation regime, some important lessons can be learnt and incorporated by subsequent changes in the law. But, if there is one thing that our nation needs from its political leadership, it is the GST,” Kanoria said.

On the present state of the economy, Kanoria said one of the main worrying aspects is lack of appetite for fresh investment which is further discouraged by lack of demand as is evident from the latest IIP numbers showing the slowest growth industrial output in four months (3.6 pc) during September.

Kanoria said that the critical challenge was to generate jobs for the one million Indians joining the workforce every month. The only way out was “Employment promotion through entrepreneurship.” This would be the theme of his Assocham presidency. He felt that the challenge was to become a nation of job creators rather than jobseekers. For that, improving the ease of doing business was a critical first step. So was better infrastructure, and more affordable access to finance and information, especially in small towns and villages.

ImageTextCaption New Assocham President Sunil Kanoria has said it is time lawmakers across parties passed the Constitutional Amendment Bill on GST without further delay. This would send a strong signal to investors that India's economy can overcome serious global and domestic challenges with political will, according to an Assocham press release.

He said GST can be a “Brahmastra” for the Indian economy against a very difficult global economic scenario, affected by demand slowdown, uncertain geo-political situation after the Paris terror attacks, and an unprecedented crash in vital commodities.

“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. That will be a great positive for revival of investment, both domestic and international, something most needed at this point of difficult international times,” Kanoria said in his maiden media interaction. Kanoria is also the Vice Chairman and Managing Director of SREI Infrastructure Finance.

“Our GDP growth can rise by 1 to 1.5 per cent by GST alone, going up to 9 per cent by 2018-19 from the present estimated 7.3 per cent if the government gives massive thrust to infrastructure development,” he said.

“The stipulation of additional one per cent duty should not be imposed and the GST should help country to make one India rather than divide India,” Kanoria added.

He urged the Congress Party to support the Goods and Services Bill in the Rajya Sabha. The newly elected Assocham President requested upon the Government as well to reach out to all the political parties for a common cause.

“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. Besides, the passage of the Bill would not mean casting it in stone; as the nation starts implementing the new taxation regime, some important lessons can be learnt and incorporated by subsequent changes in the law. But, if there is one thing that our nation needs from its political leadership, it is the GST,” Kanoria said.

On the present state of the economy, Kanoria said one of the main worrying aspects is lack of appetite for fresh investment which is further discouraged by lack of demand as is evident from the latest IIP numbers showing the slowest growth industrial output in four months (3.6 pc) during September.

Kanoria said that the critical challenge was to generate jobs for the one million Indians joining the workforce every month. The only way out was “Employment promotion through entrepreneurship.” This would be the theme of his Assocham presidency. He felt that the challenge was to become a nation of job creators rather than jobseekers. For that, improving the ease of doing business was a critical first step. So was better infrastructure, and more affordable access to finance and information, especially in small towns and villages.

New Assocham President Sunil Kanoria has said it is time lawmakers across parties passed the Constitutional Amendment Bill on GST without further delay. This would send a strong signal to investors that India's economy can overcome serious global and domestic challenges with political will, according to an Assocham press release.

He said GST can be a “Brahmastra” for the Indian economy against a very difficult global economic scenario, affected by demand slowdown, uncertain geo-political situation after the Paris terror attacks, and an unprecedented crash in vital commodities.

“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. That will be a great positive for revival of investment, both domestic and international, something most needed at this point of difficult international times,” Kanoria said in his maiden media interaction. Kanoria is also the Vice Chairman and Managing Director of SREI Infrastructure Finance.

“Our GDP growth can rise by 1 to 1.5 per cent by GST alone, going up to 9 per cent by 2018-19 from the present estimated 7.3 per cent if the government gives massive thrust to infrastructure development,” he said.

“The stipulation of additional one per cent duty should not be imposed and the GST should help country to make one India rather than divide India,” Kanoria added.

He urged the Congress Party to support the Goods and Services Bill in the Rajya Sabha. The newly elected Assocham President requested upon the Government as well to reach out to all the political parties for a common cause.

“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. Besides, the passage of the Bill would not mean casting it in stone; as the nation starts implementing the new taxation regime, some important lessons can be learnt and incorporated by subsequent changes in the law. But, if there is one thing that our nation needs from its political leadership, it is the GST,” Kanoria said.

On the present state of the economy, Kanoria said one of the main worrying aspects is lack of appetite for fresh investment which is further discouraged by lack of demand as is evident from the latest IIP numbers showing the slowest growth industrial output in four months (3.6 pc) during September.

Kanoria said that the critical challenge was to generate jobs for the one million Indians joining the workforce every month. The only way out was “Employment promotion through entrepreneurship.” This would be the theme of his Assocham presidency. He felt that the challenge was to become a nation of job creators rather than jobseekers. For that, improving the ease of doing business was a critical first step. So was better infrastructure, and more affordable access to finance and information, especially in small towns and villages.

Must ReadView All

Courtesy: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Courtesy: Authentic Brands Group

Apparel/Garments | On 17th Jan 2017

Teen retailer Aéropostale reopens 500 stores in US

Teen apparel retailer Aéropostale has reopened 500 stores in the US,...

Courtesy: Centric Software

Information Technology | On 17th Jan 2017

Centric releases version 6.0 of PLM solution

Centric Software, the leading PLM solution for fashion, retail,...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search