Saturday, September 3, 2016

By neem-coating urea, we have stopped its black marketing and reduced corruption: PM

Question: You came to power on the issue of development, so a question on the economy. After a lot of effort you succeeded in passing the GST Bill. How big a success do you see this. What does it mean for the common man?
PM Modi: This is perhaps the biggest tax reform since the independence of India. This reform will bring a big change in India. Very few people in the country pay taxes. Some people pay taxes because they are patriotic and they want to do something for the country. Some pay taxes because they don't want to break the law. Some pay to avoid trouble. But most don't pay because the process is complicated. They think they might get stuck in the process and won't be able to come out. GST will simplify tax payments so much that anyone who wants to contribute to the country will come forward.
Secondly, today if you go and eat in a hotel, the bill that you get comes with this cess, that cess... People send messages on Whatsapp detailing the bill amount and the cess paid. All this will end. And then we routinely see at octroi and border checkposts, miles of vehicles standing. When vehicles stand, it hurts the country's economy. Now all of it will become seamless, the movement of goods from one state to another.
Taxation systems will also be simplified and this will not only benefit the common man, the revenues will help develop the nation. Today, there are incidents of mistrust between states. This will end that situation, it will be transparent and strengthen the federal structure.
Question: After coming to power, your biggest challenge was the economy. The task before you was not just to bring it back on track but also increase the pace of growth. Have you managed to achieve this?
PM Modi: You are right that there was a negative atmosphere. The country's traders and industrialists had started looking out. There was a paralysis in government. On the one hand it was this situation. On the other we had to face two successive droughts. Third, there was a slowdown in the global economy. So there were a series of challenges. It wasn't only after we took charge. Even after that there were challenges. But our intention was strong and policies were clear. There was decisiveness because there was no vested interest. The result of this was that positivity spread very quickly.
Today, we have the highest amount of foreign direct investment after Independence. The entire world says that at 7% growth, we are the fastest growing economy. Whether it is the World Bank, IMF, credit agencies, even UN agencies… they all say India is growing rapidly.
So those policies which are helping growth have been emphasised. All obstructions are being removed with policies. All this has resulted in speeding up the economy. This time the rains have been good and this helps agriculture, which is driving force for the economy. This has raised hopes that the coming days will be much better.
Usually it is one or two things that are talked about, but today growth has being talked about in all sectors. Electricity production has gone up and so has demand. Infrastructure work is also growing rapidly and that happens when there is demand in the economy. From all this it looks like we have moved ahead to better days.

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