As the Modi government nears its second anniversary, industry leaders on Monday said that the focus should now be on building political consensus for the passage of long- pending GST Bill and on exped
As the Modi government nears its second anniversary, industry leaders on Monday said that the focus should now be on building political consensus for the passage of long- pending GST Bill and on expediting the non-legislative reforms.
“The government needs to focus on building political consensus so that the GST Bill is passed in the Rajya Sabha. Goods and Services Tax (GST) is a landmark reform which will straight away add upto 1.5 per cent to the GDP,” Godrej Group cha-irman Adi Godrej said.
In a statement, industry body CII President Naus-had Forbes said: “The Indian economy is definitely much improved and more stable than it was two years ago. This reflects sound and strategic macroeconomic management to tackle inflation, keep the fiscal deficit on the target path, and curb volatility.”
“In the near-term, the government can look at expediting non-legislative and executive actions which could help in further reducing the procedural impediments to growth across sectors,” another industry body Ficci’s President Harshva-rdhan Neotia said.
Commending the government for its focus on the ease of doing business, incentivising new entrepreneurship, facilitating submission of retu-rns, and making administrative processes more transparent, CII director- general Chandrajit Ban-erjee said, “We are optimistic that India’s ease of doing business ranking can rise to among the top 50 from the current 130 within the next two years with sustained micro-level actions.”
