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Modi says hopeful of rolling out GST in 2016

Posted Date : 25-Nov-2015 , 07:59:10 am | Posted By CASANSAAR print Print
The government is hopeful of rolling out the goods and services tax (GST) in 2016, Prime Minister Narendra Modi said on Tuesday, and asserted that reforms were happening in a big way and reaching the last mile. 

Addressing the India-Singapore Economic Convention, Modi said the government had prepared the runways for the economy's takeoff and had restored India's credibility in the eyes of global players in the last 18 months. 

The PM's comment assumes significance against the backdrop of hectic negotiations with the opposition over the GST bill which the government hopes to get approved in the winter session of Parliament starting on Thursday. 

Implementing GST has been identified as a priority by the Modi government but opposition parties have so far blocked the passage, demanding fine-tuning of the bill. 

The GST bill has missed several deadlines in the past but the government is determined to forge a consensus on the ambitious indirect tax reform which is expected to add to revenues and overall economic growth. 

Modi also said the government was exploring collaboration with Changi airport to operate two Indian airports and cited Singapore's involvement in the preparation of the master plan for the new capital city of Andhra Pradesh, Amravati. 

"Secondly, I have laid the foundation stone for the fourth container terminal at JNPT, Mumbai which is being built in partnership with PSA, Singapore. These are recent examples of the deepening of our economic partnership," the PM said. 

He said the government had unleashed reforms in several sectors. "To sum up, I would like to say that in the last 18 months, reforms are happening in a big way. They are now reaching the last mile. Reform is to transform the systems so that they perform," Modi said. 

"Simply put, they aim at enabling the people to realize their potential and dreams; putting it even more simply, it means more charm on the faces and less forms in offices. In addition, new frontiers and deeper foundations for financial markets have been laid," the PM said. 

Modi said India was undergoing economic and social transformation on a scale and speed that was unmatched in history. "Our growth rate was 7.3% in the last year. World Bank has projected even better growth this year. Indian economy is the fastest growing economy among major countries. We are also working hard that the benefits of this growth reaches the common man," the PM said. 

He said the government's strategy was to energize the economy, empower the people, fund the un-funded, secure the poor and enhance the income level of all. (Times of India)

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