Dr Jitendra Singh, Minister of State, Prime Minister’s Office.
How will the Goods and Services Tax impact India’s economic future?
It is a revolutionary reform. It is for the first time in 70 years that there has been a true reassertion of our commitment to the federal structure. This will bring in a new culture of cooperative federalism.
What about the transition phase? Do you foresee any problems?
Initially, for three to four months, there will be problems of transition because of an initial hesitation. But, that is normal. Inherently, human beings are status quoist. So, there might be a short period where there may be paucity of certain goods and fluctuation of prices. But, in the long run, it will not only streamline prices, but also reduce prices for certain goods.
From the point of view of the consumer, there is a long list of items that have been exempted, including dairy products like milk, buttermilk and curd, cereals like wheat and common household items such as toothpaste and tooth powder. So, this is going to be a win-win situation.
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Bu hikaye THE WEEK dergisinin July 30, 2017 sayısından alınmıştır.
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