Speedy implementation of GST will spur GDP growth: Venkaiah Naidu

Speedy introduction of Goods and Services Tax (GST) will add to economic growth by about 2 per cent, according to Union Minister for Urban Development and Parliamentary Affairs, M Venkaiah Naidu.

Addressing newspersons at a press conference here on Sunday, Naidu said Indian economy was expected to clock around 7 to 8 per cent growth this year. "Introduction of GST will ensure an additional growth of 1.5 pc to 2 per cent,’’ he said.

The Government is hoping to pass long-pending Bill in the winter session of Parliament. "The Lok Sabha had already passed the Bill but main opposition, the Congress, is stalling it by disrupting sessions in the Rajya Sabha. It should allow smooth conduct of parliament proceedings and should debate the Bill on the floor of the house,’’ he said.

The Government is willing to extend the winter session if needed for a meaningful debate and discussion. It hopes to pass important bills including GST and Negotiable Instruments Bill during the winter session. After passing of the Bill by Parliament, the Assemblies will have to ratify GST bill before April 2016. ``We want to fast track states ‘ratification processes,’’ the Minister said.

On the land acquisition Bill, Naidu said a decision will be taken after the report of the parliamentary standing committee which is currently examining it.

BIHAR

Asked on NDA’s plans for Bihar elections, he said seat adjustment will be finalised shortly and also expressed confidence about its victory in the elections. "There may be some local issues, of course,’’ he added.

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