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GST to be biggest achievement of Modi govt: ASSOCHAM
May '17
Goods and Services Tax (GST) which is near a roll-out would be the biggest achievement on economic front of the Narendra Modi government, ASSOCHAM, one of the apex trade associations of India, has said. Financial inclusion, digitisation, and public investment on infrastructure like railways and power are other steps for structural changes in the economy.

Benign inflation, both at the retail and wholesale levels, is among the other positives for the nearly three-year old government, ASSOCHAM noted based on a perception among its members. “As the price rise remained within the target of four per cent, set by the Reserve Bank of India, the central bank has also been able to keep the interest rates low, though the credit off-take in the private sector still remains a challenge,” the trade body said.

“The implementation of GST in the next few weeks would cap other major initiatives of the government. The focus on improving ease of doing business through measures like GST and other taxation reforms has also been noted as one of the major achievements of the NDA government,” said chamber president Sandeep Jajodia.

Clean-up of the subsidy disbursal is yet another big plus of the government, which is pursuing linkages of Aadhar ID with every bank account holder, ASSOCHAM said. “Helped by favourable crash in the crude oil prices, elimination of subsidy on petrol and diesel and significant reduction in other fuels, including cooking gas, has brought a great improvement in the balance sheets of the oil marketing companies.”

Taking a look at other macros, the government needs to be credited for India’s foreign exchange reserves touching an impressive high of $372 billion, giving a muscle to rupee. “While exporters have shown some concern, strong rupee is helping tame inflation further,” the chamber said.

Moreover, owing to several measures taken by the government to open up the Foreign Direct Investment (FDI) regime in key areas like defence, insurance, infrastructure, etc the country has received record net FDI of $100 billion in the last three years, while foreign funds are pumping in huge liquidity in the stock market.

India’s market capitalisation has crossed a massive $2 trillion riding on ample liquidity and confidence of the global fund managers.

“While, a high level of non-performing remains an area of concern, the government has taken some decisive measures like empowering RBI to set up Oversight Committees and refer the toxic assets for insolvency and all these should help resolution of the nagging problem,” the chamber said. (RKS)

Fibre2Fashion News Desk – India

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