President spells out the New Govt’s Economic priorities

Excerpt: President Shri Pranab Mukherjee, while addressing the joint Parliament in his customary address spelt out the priorities of the new Govt. at the centre

President Shri Pranab Mukherjee, while addressing the joint Parliament in his customary address spelt out the priorities of the new Govt. at the centre. Since economy is passing through a very difficult phase, putting it into growth trajectory is the top priority of the Govt. High inflation is another area, which has to be focused along with growth, as it has slumped to less than 5% during the last few months. Along with various economic measures being initiated by the Govt., one of the important reforms is introduction of the Goods and Services Tax (GST) to make business more lucrative.

GST is the main issue for legislation demanded by the trade and industry over the years, which has been put under the mat for a considerable time now. Some of the states have expressed their apprehension about loss of their share in revenue once GST is implemented. Though the Govt. in the past has worked out a possible redressal machinery to overcome their problems, no decision was forthcoming. The new Govt's resolve to implement GST will be very much welcomed by the trade and industry, which will nullify Sales Tax, octroi etc., a breeding ground for corruption.

Another national issue focused was labour reforms in the manufacturing sector. It is unfortunate that no constructive legislation has been directed in this vital issue so far. The President has announced that labour reforms will be another priority of the Govt. We welcome the Govt. initiative on this behalf, which can go a long way in streamlining and strengthening the manufacturing sector, including our colorant industry.