GST law to boost domestic demand, drive job creation; PM
The law of Good and Services Tax will stimulate domestic demand, create more opportunities for domestic companies and drive job creation, Prime Minister Narendra Modi said on Sunday.
He said so far, the domestic market has been fragmented and different taxes in different states have made more expensive goods and services.
“This has dampened growth in interstate commerce. We adopt a law of tax on goods and services, to create an integrated national market. This will also stimulate domestic demand, create more opportunities for Indian companies and creation of job training, “he said.
India today, Modi said, is the great fastest growing economy, and one of the most attractive destinations for FDI.
“Indeed, we are like a bright spot in the global economy This is the result of the fundamental forces of India – Democracy .., dividends and demographic request We must take full advantage of these strengths This can happen if companies make long-term investments that create jobs and support economic growth, “he said.
Addressing farewell function of an international conference on arbitration, the Prime Minister said that India is experiencing a digital revolution which is to bridge the digital and economic divide in society in general and rural society in particular.
“A boost to the rural economy through this revolution will make the Indian economy more robust,” he said.
innovative business models and app-based startups instilled an entrepreneurial spirit among the Indians, he noted, adding that job seekers of yesterday become the creators of jobs today.
“The legal profession is also open to the promises of the digital world. Cause and lists of case-law, the lawyer of the library is now a single click on your mobile phone,” he said.