Administrative lope holes in implementation of GST by Modi govt says Manmohan Singh ex PM
Today former Prime Minister of India and ex finance minister Dr Manmohan Singh was in Surat for pre-poll campaign in Gujarat for Assembly Elections 2017.
Manmohan Singh addressed doctors and professionals in Surat. He criticized BJP and said Narendra Modi government not able to match UPA’s 10-year growth rate.
Dr Singh said there are lope holes in administrative implementation of GST, with respect to small traders and businessman which needs to be resolved. Both central and state government should think hard to salvage small scale industry.
There are many slogans created StartUp India, StandUp India and Skill Development which are not backed by effective policy from government.
Infact, the policies should come first and then slogans. Defining of policy comes much later.
was too early to conclude that the economic slowdown has reversed as the 6.3 % growth rate in the July-September quarter did not take into account the small and medium sector which suffered huge losses in the aftermath of demonetization and a hasty implementation of GST.
He welcomed the 6.3 per cent growth rate in the July-September quarter but cautioned that it was too early to conclude that the economy has recovered.
“(It) is too early to conclude that this represents a reversal of the declining trend observed in the previous five quarters. Some economists believe that the CSO which released the figures has not adequately captured the impact of demonetization and GST on the informal sector that accounts for about 30 % of the economy,” Singh said addressing professionals and businessmen here in the election-bound state.
He quoted renowned economist Govinda Rao identifying a “problem” with the calculation of manufacturing growth based on corporate results.
“This doesn’t take into account the small and medium sector which suffered the most after demonetisation and the launch of GST. A couple of big worries remain. Farm sector growth fell to 1.7 % from 2.3 % in the previous quarter and 4.1 % in the same quarter last year,” Singh said, citing Rao.
He said that after farming, job losses have been the most in the construction sector.
Singh criticised the BJP government’s economic policies, particularly the “coercive steps” of note ban and the GST Goods and Services Tax that cost the nation hugely and “broke the back of businesses”.
“We saw the impact of demonetization on the economy when the GDP growth dropped to 5.7 % in the first quarter of 2017-18 under the new calculations. Even this is bound to be a gross underestimate as the pain of the informal sector is not adequately captured in the GDP calculation.
“Every one % loss of our GDP growth rate annually costs our nation Rs 1.5 lakh crore. Think of the human impact from the lost growth — the lost jobs, the youth whose opportunities have vanished, the businesses who had to shut down and the entrepreneurs whose drive to succeed has turned into discouraged disappointment.”
Singh said that the decline in farming and construction sectors was despite the fact that the government had front loaded its spending on projects, “forcing up our fiscal deficit to a high of 96.1 % of the Rs 546,432 crore target set for the full year”.
“This means that private spending on construction has been very dismal… Thus there is still considerable uncertainty about the growth of GDP. The RBI forecasts that growth in 2017-19 will pick up to 6.7 %. However, even if growth reaches 6.7 % in 2017-18, Modiji’s four year average growth rate will be only 7.1 % .
“To equal the UPA’s 10 year average, the economy will have to grow at 10.6 per cent in the fifth year. I would be happy if this were to happen, but frankly I do not think it will.”
The former Prime Minister said while Modi claimed to understand Gujarat and the poor “more than anybody else”, how was it that “he never understood the pain his decisions unleashed”.
He hailed the people of Surat city, renowned world over for the diamond and the textile industries, and said it was one of the worst sufferers of note ban and GST.
“It is no wonder that Surat voiced the biggest protests in India against this injustice by the NDA government. You after all come from the land of two great souls — Mahatma Gandhi and Sardar Patel. When the Mahatma decided to protest against the unjust British tax on salt, he did it from your backyard in Dandi. Standing up for injustice is in your blood and you raised your voice against the shoddy implementation of GST,” he said.
Demonetisation and GST a complete disaster for economy says Dr Manmohan Singh
Today former Prime Minister of India Dr Manmohan Singh interacted with small traders, businessman in Ahmedabad.
PM visited Sardar Patel memorial at Shahibag and paid floral tribute to Sardar Patel.
PM expressed his pain over present economic conditions in India.
former finance minister Dr Manmohan Singh criticized PM Narendra Modi. He said PM Narendra Modi often claims nothing happened in last 70 years. Life expectancy grew from 31 to 70 years said Dr Manmohan Singh while addressing a press conference in Ahmedabad at GPCC office.
Attitude of suspecting everyone to be thief or anti-national, low level rhetoric is damaging to democratic discourse.
By questioning bullet trains does one become anti-development? Does questioning GST and demonetization make one a tax evader? asked ex PM Dr Singh.
Given appropriate environment, Rahul Gandhi will prove to be a very competent and dynamic leader of Congress.
Dr Manmohan Singh to address Gujarat Traders on GST, demonetisation
Tomorrow on 7 November, former Prime Minister of India and ex finance minister Dr Manmohan Singh would visit Ahmedabad.
Dr Singh while in Ahmedabad will visit Sardar Patel Memorial in Shahibag in morning. He will address traders of Gujarat on GST and demonetization. later in afternoon he would address a press conference at GPCC office.
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