GST going to change India's economy: Venkaiah Naidu

31 December 2017, 09:57 AM
Vice President M. Venkaiah Naidu addresses at the 187th-anniversary celebrations of Calcutta Chamber Of Commerce on Dec 30, 2017. Also seen West Bengal Governor Kesari Nath Tripathi and state's Urban Development Minister Firhad Hakim. (Photo: IANS/PIB)
Vice President M. Venkaiah Naidu addresses at the 187th-anniversary celebrations of Calcutta Chamber Of Commerce on Dec 30, 2017. Also seen West Bengal Governor Kesari Nath Tripathi and state's Urban Development Minister Firhad Hakim. (Photo: IANS/PIB)

The Goods and Services Tax (GST) is going to change India’s economy though initially it might have caused some pain, Vice-President M Venkaiah Naidu today said.

Speaking on the concluding day of the 11 th Global Doctors’ Summit here, Naidu said the improvement in India’s tax system with the introduction of GST will ultimately benefit its people.

“As the World Bank report suggests, GST is going to be transformational, revolutionary tax system to change India’s economy. Any improvement in system ultimately helps people,” Naidu said.

He said that as Vice-President, he would not discuss the merits of issues like demonetisation or GST, but if one argues that almost the entire demonetised money has come back to banks post note ban, then it must be considered if that is not better than the money stashed in bathroom and underneath the pillows of individuals.

He said India is on the cusp of new economic growth in sync with Prime Minister Narendra Modi’s vision, “reform perform and transform.”

Naidu said that 65 per cent of India’s population were under 30 years of age and called for new ideas to take the country forward.

About his new role as Vice-President, Naidu said, “two months back I was a minister. Now I have retired from politics but not retired from public life. So, I cannot speak on issues as I did when I was a minister.” 

First Published: Sunday, December 31, 2017 08:52 AM
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