GST has become a major tax reform ever in the history of India. It has been in the news almost every corner of political houses and now it’s the turn for small and medium enterprises to join the commune soon.
As a finance minister told the plans in details, “implementation of the goods and services tax (GST) will bring small and medium enterprises (SMEs) into the national value chain.”
Economic Affairs Secretary Shaktikanta Das was saying this at The Economist India Summit 2016, “The government is aware that many more reforms need to be taken. After implementation of GST, it should be easier for SMEs to become part of entire national value chain… Next challenge would be how to make SMEs part of global value chain.”
Whereas he was also confident about what he told the media, “I can tell you with confidence that the kind of reforms which India has undertaken has been very widely appreciated by G20 countries.”
He was also seen upset with panel discussions, ‘Holdup India? Speeding up policy reforms’ — arguing that the government instead has taken a host of initiatives and there is nothing which is holding up reforms. “There are a number of measures which have been taken, please look at the huge amount of reforms. And GST, which had been pending for the last several years, has been passed by Parliament. The Aadhar Bill is the biggest fiscal reform which India has undertaken.” he said.
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By the discussion and the knowledge of secretary itself, the point was cleared that there is a minimal pressure of government to put upon whereas it is the governance which will take all the turn.
Das claimed, “In a large number of areas, the government has reduced interventions.”
As the point was uprooted he asserted that “In Foreign Investment Promotion Board (FIPB), we have no application practically. Because everything is happening in the automatic route.”
As of now, the secretary was creating a concern for the government to try to increase the quality of primary, secondary and technical education in the country.
