Finance Minister Arun Jaitley has given a concern about complacency by India’s listing in Global Competitiveness Index (GCI). The implementation of GST will also improve the competitiveness of the SME sector as well. Jaitley also noted down that India has improved its position by taking 39th place out of 138 countries in the list.
The fragmentation of the domestic market will be reduced by the application of GST as mentioned by the Finance Minister itself and pointed out that there will be improvements in goods market of India and its efficiency will be higher.
There is a clear sign over the fact that government is taking every measure to make GST a beneficial taxation scheme in India, Shaktikanta Das, Secretary, Department of Economic Affairs, said that, “The work is in progress in many of the sectors and a positive outlook will be carried forward in those areas too.”
Jaitley quoted some positive feeds over the process over GST, as “India has covered a long distance and is well on its way in emerging as a major player in the global economy.” “The landmark improvement in the rankings is the consequence of the structural reforms and policy initiatives taken by the government in the last two years and should be viewed as an encouragement to continue with the agenda of reforms which would further streamline economic decision making.”
