GST will make India a $2-trillion economy soon - Pranab Mukherjee
Union Finance Minister Pranab Mukherjee on Thursday expressed
confidence that the proposed goods and services tax (GST), when
successfully implemented, would provide a trillion-dollar boost and
propel the economy to $2 trillion soon. Addressing captains of industry
at a FICCI meeting on Agenda for the Nation The Tax reforms GST and DTC,'
Mukherjee said the new indirect tax regime would provide a level-playing
field to domestic producers as it had a potential-providing inbuilt
stimulus to the economy by removing tax distortions and tax
competitions.
Quoting estimates from the National Council of Applied Economic
Research that the implementation of a well-designed GST would see an
increase of 2-2.5 per cent in the country's GDP (gross domestic
product), with over 10 per cent increase in exports, Mukherjee said. The
gain from GST will propel India from a $1-trillion economy to a
$2-trillion economy in a short span of time. - Hindu
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