Industry chamber Assocham mentioned that the progress in the implementation of a tax system across the country through the Goods and Services Tax (GST) will be the biggest achievement of the Modi Government. According to Assocham, the other achievements that the NDA government has achieved during the three-year tenure included in the economic area assimilating public inclusion on a financial scale, digitization and infrastructures like railway and power distribution.
Assocham President Sandeep Jodhia said that the implementation of GST in the next few weeks will have an impact on other major initiatives of the government. GST is seen as a more reliable step for structural change in the economy and this initiative will facilitate business sectors to grow seamlessly. According to Assocham, the cleanliness of the subsidy distribution process is also a major success of the government in which the efforts are being made to link Aadhaar ID with the bank account.
The next meeting of the council is to be held on June 3 and the rates of six items, including gold, will be the main agenda of discussion in the meeting. The reduction in crude oil prices, a subsidy of petrol and diesel and reduction of subsidy on other fuel including LPG has resulted in a substantial improvement in the balance sheet of government oil companies. India’s foreign exchange reserves reached a high level of $ 372 billion. This has given strength to the rupee and has assisted in a subsequent reduction in the inflation.
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After the measures taken to open FDI in key sectors such as defense, insurance, infrastructure, the country has got a net FDI of $ 100 billion in the last three years. While foreign funds are capitalizing on the stock market in a vigorous way. At present, concerns about the trapped banks (NPAs) are worrisome and it seems that will find out an innovative way to tackle this problem soon.
