New Delhi, Nov 14 (PTI) President Ram Nath Kovind saidtoday that the introduction of Goods and Services Tax (GST)was a milestone and the new regime has reduced barriersbetween states, creating a more formal economy.
Inaugurating the 37th India International Trade Fair(IITF) at Pragati Maidan here, he said the country isrecognised as a bright spot of the global economy and theworld has acknowledged the change in its business environment.
"Introduction of GST has been a milestone and it hasbroken down barriers between states. It has provided a boostto the creation of a common market and a more formal economyas well as a stronger manufacturing sector," Kovind said.
Due to these efforts, he said, foreign direct investment(FDI) in the country increased to USD 60 billion in 2016-17from USD 36 billion in 2013-14.
The President also said that the focus of India'seconomic reforms and policies is to eliminate poverty andenhance the prosperity of millions of ordinary families.
"After all, trade must help common people. They are theultimate 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 economicreforms more meaningful to those at the grassroots.
GST, which subsumed more than a dozen central and statelevies like excise duty, service tax and VAT, was implementedfrom July 1.
About the IITF, Kovind said as many as 3,000 exhibitorsincluding 222 foreign companies, domestic firms, public sectorunits and states are participating in the fair.
This year, 'Startup India Standup India' is the theme ofthe fair. The 'Partner Country' is Vietnam and the FocusCountry is Kyrgyz Republic.
These countries, the President said, are important tradeand strategic partners of India. PTI RRSA.
This is unedited, unformatted feed from the Press Trust of India wire.