GST has reduced barriers between states, says Kovind
Team Udayavani, Nov 14, 2017, 3:09 PM IST
New Delhi: President Ram Nath Kovind said today that the introduction of Goods and Services Tax (GST) was a milestone and the new regime has reduced barriers between states, creating a more formal economy.
Inaugurating the 37th India International Trade Fair (IITF) at Pragati Maidan here, he said the country is recognised as a bright spot of the global economy and the world has acknowledged the change in its business environment.
“Introduction of GST has been a milestone and it has broken down barriers between states. It has provided a boost to the creation of a common market and a more formal economy as well as a stronger manufacturing sector,” Kovind said.
Due to these efforts, he said, foreign direct investment (FDI) in the country increased to 3926.13₹ billion in 2016-17 from 2355.68₹ billion in 2013-14. The President also said that the focus of India’s economic reforms and policies is to eliminate poverty and enhance the prosperity of millions of ordinary families.
“After all, trade must help common people. They are the ultimate stakeholders,” he added. Listing the government initiatives such as Make in India, Digital India, Start Up India, Skill India and Smart Cities, he said that these steps are an attempt to make economic reforms more meaningful to those at the grassroots.
GST, which subsumed more than a dozen central and state levies like excise duty, service tax and VAT, was implemented from July 1. About the IITF, Kovind said as many as 3,000 exhibitors including 222 foreign companies, domestic firms, public sector units and states are participating in the fair.
This year, ‘Startup India Standup India’ is the theme of the fair. The ‘Partner Country’ is Vietnam and the Focus Country is Kyrgyz Republic. These countries, the President said, are important trade and strategic partners of India.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Alphabet gets CCI’s clearance to acquire stake in Flipkart
Essar Group co-founder Shashi Ruia dies at 80
Sensex, Nifty climb in early trade amid fresh foreign fund inflows
RBI Governor Shaktikanta Das hospitalised
Sensex reclaims 80k mark; Nifty surges over 1% after BJP-led Mahayuti’s win in Maharashtra
MUST WATCH
Latest Additions
Alphabet gets CCI’s clearance to acquire stake in Flipkart
‘COVID was different’: SC bemoans distribution of free ration
Telugu actor Shri Tej booked for alleged cheating, false marriage promise
Five arrested in connection with botched angioplasty deaths at Gujarat hospital
Deceased Kannur official’s widow moves Kerala HC for CBI probe into his death
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.