India’s Finance Minister Arun Jaitley has said that India’s transition to the Goods and Services Tax, GST regime has been fairly smooth despite attempts by Opposition parties to derail its implementation.
Mr Jaitley, who is on a week-long visit to the US to attend the annual meetings of the International Monetary Fund and World Bank, said under the GST the government has unveiled attractive schemes to ensure that the non-compliant in India become compliant.
He told a New York audience that global integration of the Indian economy is happening at a time when other economies are becoming more protectionist.
Asserting that India is now a better place to do business
because of the series of steps being taken by the government in the last three years, Mr Jaitley said, procedures have been simplified.
He noted now as much as 95 percent of the investments are through automatic route, and foreign investment promotion board has been abolished.
He also addressed American investors on recent economic reform initiatives.
Mr Jaitley is slated to address the Columbia University students today. Before reaching Washington DC for the annual IMF and World Bank meetings, he would travel to Boston to address the students of the Harvard University and interact with the US business community in Boston.
During his three day stay at Washington, the Finance Minister will hold a bilateral meeting with US Commerce Secretary Wilbur Ross.