Demonetisation and the implementation of Goods and Service Tax (GST) would work as booster for the growth rate of India, said Union Finance Minister Arun Jaitley during a seminar at Vibrant Gujarat Summit on Wednesday.
Speaking at the seminar on ‘GST: The Game Changer for Indian Economy’ the Finance Minister claimed that speeding digitisation of Indian economy post demonetisation would help improve the country’s economy. Jaitley was optimistic on both the moves — GST as well as demonetisation — of Modi Government would have positive impact during the current year.
“The critical issues of dual control and cross-empowerment in the GST will get resolved over the next few weeks. GST Council is deliberative democracy in action. Most of the issues have been sorted. Some critical issues remain and hopefully they will be sorted out,” he said, adding that the Union Government aimed at implementing GST from the new fiscal as the constitutional amendment has been passed.
According to him GST would be beneficial to assessee as all taxes would merge into it coupled with there wouldn’t be any cascading effect on tax. He also claimed that GST would make India into one entity and increase revenues of States.
In context of demonetisation he was of the opinion that India required bold decision and such decisions initially pass through difficult phases but it is ultimately help the country for betterment.
Meanwhile, Reserve Bank of India (RBI) Governor Urjit Patel, who also was at the Vibrant Summit 2017, said that India’s cumulative fiscal deficit of the State and the Centre was among the highest in G20 countries and it was targeted at 6.4 per cent of the GDP for the fiscal 2016-17.
Stressing on the need for a single regulator for International Financial Service Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) Patel called for a unified financial regulatory framework for GIFT City.
“There was a need to review the existing laws governing financial contracts in India and make world-class legal framework for the financial contracts in GIFT. Based on such review, a world class legal framework for financial contracts in GIFT could be enabled, either by appropriately amending the existing laws governing financial contracts or enacting a fresh law,” he added.
RBI Governor takes back door to avoid media
RBI Governor Urjit Patel displayed athleticism at the venue of Vibrant Summit-Mahatma Mandir on Wednesday but for wrong reason as after a seminar, he was literally seen running to avoid media persons who were waiting for him for interaction. Obviously the RBI Governor wanted to avoid uncomfortable questions from media personnel.
Patel attended a seminar on ‘Macro and Micro Drivers of Business Potentials of IFSCs in India’ at Vibrant Summit in Gujarat’s capital. In fact knowing the fact that large number of media personnel were waiting outside the seminar hall, he choose ran out of the hall from back door.
In fact on the front side there was a lift for VIP guests, but instead of using it, he exhibited athleticism and hurriedly stepped down the stairs and quickly reached ground floor and ran into his car. Though some of the media persons saw him running and tried to chase him, but Patel was quick enough to beat them.