The Hindu Business Line : `Assocham for country-wide acceptance of VAT'

THE Associated Chamber of Commerce and Industry of India (Assocham) will push for acceptance of value-added tax (VAT) in the entire country, according to the new President, Mr Anil K. Agarwal.

Citing the 15 per cent jump in revenue collection of VAT implementing States, Mr Agarwal said the tax should be implemented nationwide to reap the benefit of higher revenue collection.

Outlining the course he would now embark upon, he said internationalisation of the chamber is one of his top priorities.

He said several international business forums would be set up within the chamber to enhance economic and commercial links with countries including the US, the UK, Indonesia, China, the UAE, Brazil, Russia, Japan among others.

These forums will set a business agenda and then realise them by facilitating cross-border movement of businessmen between India and the host country of the respective forums.

He also said the chamber will concentrate on sectors such as nanotechnology, pharma and biotechnology.

Mr Agarwal emphasised on the chamber's commitment towards the small and medium sector and said that it will take the issues of the sector with the Government such as easy finance and newer technology.

The Chamber President said that though the manufacturing sector has done well in the first half of the current fiscal, agricultural sector is still a worry.

Agricultural growth should also be enhanced for the nation to achieve an all-round growth.

Towards this end, the chamber will promote commodity futures.

He said, through the commodity futures, farmers would be able to get a better return.

Comparing the Indian and the Chinese economy, he said China has implemented the reform process much earlier and is reaping the benefits.

While China scores over India in the manufacturing sector, India scores over China in the knowledge sector, he said. India should improve infrastructure to stay ahead of the competition, he added.

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