Union Finance Minister Arun Jaitley has underscored the need for finding a quick consensus on the Goods and Services Tax (GST).
Addressing the Finance Ministers of all States and Union Territories (with Legislature) at a pre-budget meeting here on Monday, he said that GST had the potential to significantly improve the India growth story. A consensus on it was important for its early implementation.
Mr. Jaitley spelt out the Modi government’s agenda for the revival of the economy. “We believe that growth can be revived through increased investment in the areas of infrastructure ... Growth of infrastructure will also pull out sectors such as cement, steel and power etc from the current downturn, and will lead to massive job creation.”
He asserted that India must modernise its industries and become a global manufacturing hub. industry. At 10 per cent of the GDP, tax collections fall short of the UPA government’s interim budget estimate of 10.9 per cent, he said.
