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Indian economy increasing with 'Modi rate of growth', taunts Cong

ANI  |  New Delhi [India] 

Taking a jibe at Prime Minister Modi, the Party on Tuesday alleged that the is growing with the 'Modi rate of growth'.

Throwing light on Prime Minister Modi's assertion that the Goods and Services (GST) Bill will give a boost to the government's reform agenda, leader told ANI that no reform is going to work as the ruling dispensation at the Centre has lost the plot of the economy.

"The fact is that is growing with the 'Modi rate of growth' which is barely five percent if you go by the 2004, 2005 base year. The fact is that no reform is going to work because the has lost the plot of the economy. They have promised a million jobs a month, the fact is is shedding jobs," he said.

Hinting at Minister Arun Jaitley, Tewari further said the Prime Minister and his key economic minister need to have a hard look at the economy not withstanding whatever tall claims the may make.

"The has absolutely stalled," he added.

After the Union Cabinet approved four legislation yesterday, Prime Minister Modi said the move will give a boost to the government's reform agenda.

"Crucial bills relating to have been approved by the Cabinet, giving a boost to our reform agenda," he tweeted.

Paving the way for their introduction in Parliament, the Union Cabinet yesterday approved four related bills namely the Central Goods and Services Bill 2017 (The CGST Bill), the Integrated Goods and Services Bill 2017 (IGST Bill), the Union Territory Goods and Services Bill 2017 (UTGST Bill) and the Goods and Services (Compensation to the States) Bill 2017 (The Compensation Bill). These were earlier approved by the Council after thorough, clause by clause, discussion over 12 meetings held in the last six months.

The system also has nine sets of rules and regulations, out of which the Council has already approved five - registration, payment, refund, invoice and return.

Four other rules dealing with composition, valuation, input credit transitions are slated to be discussed in the Council's next meeting on March 31.

After March 31, the Council will take up the exercise of fitment of various commodities in the slabs of five percent, 12 percent, 15 percent and 28 percent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 21 2017. 14:10 IST