Hamburg: Noting that the GST (Goods and Services Tax), which was implemented last week, was the biggest tax reform in the last 70 years, the Prime Minister Narendra Modi on Friday said it would help businesses and create a unified market of 1.3 billion people.
Speaking at the G20 Summit here, Modi said India's economy is growing at a fast pace.
"The GDP growth this year is likely to be more than 7 percent... India's reform agenda is continuously making progressing," he said.
PM at Session I on global growth and trade: GST will create a unified market of 1.3 bn people& build resilience pic.twitter.com/bKO7C8uxHV
— Gopal Baglay (@MEAIndia) July 7, 2017
Modi also underlined support for free and open trade regime of World Trade Organization (WTO).
"We are collectively against growing protectionism, especially with regard restriction on movement of knowledge, technology and skilled professionals," Modi said.
His remarks came against the backdrop of certain developed nations looking at restricting flow of skilled people from overseas.
PM further said the decision on demonetisation has "dealt a blow to corruption, boosted digitisation and enlarged the formal economy".
India's decision on demonetization has dealt a blow to corruption, boosted digitization and enlarged the formal economy: PM Modi
— ANI (@ANI_news) July 7, 2017
Expeditious action should be taken to establish the BRICS credit rating agency, Prime Minister said earlier today, while emphasising that international financial institutions should reflect the world's current economic balance.
Speaking at the informal meeting of the BRICS leaders on the sidelines of the G20 Summit here, Modi asserts that the BRICS group has to be a voice of stability, reform, progress and governance at the world stage.
Last year, BRICS nations agreed to set up an independent credit rating agency based on market-oriented principles as part of efforts to further strengthen global governance architecture.
BRICS bloc comprises five members -- Brazil, Russia, India, China and South Africa.
With Agency Inputs
