WEB DESK
India’s Finance Minister Arun Jaitley has said that his country is on path of the fastest growing major economy in the world and its growth will accelerate further after implementation of GST.
Speaking at the International Monetary and Financial Committee (IMFC) meeting in Washington yesterday, Jaitley said the scrapping of old Rs 500 and Rs 1,000 notes will increase tax compliance and reduce threat of counterfeit currency which acts as a source of terror funding.
The minister said growth is expected to gain strength in the coming years due to externalities derived from deep structural reforms implemented by the government and robust aggregate demand.
Talking about the new indirect tax regime, Jaitley said the government is “fully on course to implement the Goods and Services Tax (GST)” by July 1 this year.
Mr. Jaitley expressed disappointment over the slow pace of IMF quota reforms and said any further delay would erode the legitimacy and credibility of the multi-lateral organisation.
He said , any further delay in the 15th General Review of Quotas which has been pushed back to no later than the 2019 annual meetings, will erode Fund’s legitimacy and credibility, and will be against the spirit of the Articles of Agreement.
India has been pressing for IMF quota reforms as it would give more say to developing nations in the activities of the multi-lateral organisation. Also the quota reform would reflect the changed economic realities, specially with regard to the increasing prowess of the developing nations.
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