STOCK MARKET BSE NSE

'Attempts to derail' GST have failed: Arun Jaitley

Jaitley who arrived early in the day in New York also addressed US investors on recent economic reform initiatives.

Published: 10th October 2017 04:13 PM  |   Last Updated: 10th October 2017 06:37 PM   |  A+A-

Arun Jaitley (Photo| Reuters)

By PTI

WASHINGTON: Despite "attempts to derail" the recently introduced Goods and Services Tax (GST), the states are adopting the new regime at a fast pace, Finance Minister Arun Jaitley has said.

Jaitley was responding to a question on the biggest challenges for GST during a conversation with Dan Schulman, president and CEO of Paypal and Chandrajit Banerjee of the Confederation of Indian Industry (CII).

At the event jointly organised by CII and US India Business Council (USIBC) in New York, Jaitley said global integration of Indian economy is happening at a time when other economies are becoming more protectionist.

Asserting that India is now a better place to do business with because of the series of steps being taken by the government in the last three years, Jaitley said procedures have been simplified.

Now as much as 95 per cent of the investments are through automatic route, and foreign investment promotion board has been abolished, he noted.

Today, 99 per cent of tax queries are addressed online, he said.

Now States are being ranked on ease of doing business, he told the audience here.

India is now capable of taking big decisions and implementing them at a large-scale, the union finance minister said.

As many as 250 highways projects are under construction.

India is now having surplus power and capacity of Indian ports have been expanded, he said.

Responding to a question on digital payments, he said the younger generation is taking on to modern payment methods in a big way.

Further, all government benefits are linked directly to bank accounts. The government has introduced low cost insurance policies to incentivise the bank holders, he said.

Jaitley who arrived early in the day in New York also addressed US investors on recent economic reform initiatives.

He is slated to address the Columbia University students today. The finance minister is here in US to attend the annual meeting of the International Monetary Fund and the World Bank.

But before arriving in Washington DC for the annual IMF and World Bank meetings, he would travel to Boston to address the students of the Harvard University and interact with the US business community in Boston.

During his three day stay at Washington, the finance minister will hold a bilateral meeting with US Commerce Secretary Wilbur Ross.

He will also participate in an interactive seminar organised by FICCI on -- "India Opportunity Conference" and attend the G-20 Finance Ministers and Central Bank Governors' Working Dinner on October 12.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp