NDTV Profit GST Conclave: Sitharaman, Goyal, CEA Nageswaran Shed Light On Biggest GST Reform — Highlights
Nirmala Sitharaman is slated to hold a townhall session on 'GST 2.0—Reforms for a Resurgent India'.
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NDTV Profit GST Conclave: Key Highlights
The even comes to an end with the dignitaries discussing an array of topics. However, here are the top highlights from the event:
GST reforms are home-grown, not triggered by US tariffs, says Finance Minister Nirmala Sitharaman
GST reforms to touch all Indians, assures Sitharaman. She calls for efficiency to bridge revenue gap.
Liquour coming under GST is entirely dependent on the states, said Finance Minister Nirmala Sitharaman.
Minister of Commerce and Industry, Piyush Goyal said that US tariff will not have a significant impact on India's GDP.
Rate cut will boost disposable income, says Piyush Goyal.
Weaker Rupee can help counter US tariffs for now, says CEA Nageswaran.
Need to create 8-10 million jobs to become a developed economy, Says CEA Nageswaran.
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NDTV Profit GST Conclave Live: Need To Create 8-10 Million Jobs To Become A Developed Economy, Says CEA Nageswaran
According to V Anantha Nageswaran, Chief Economic Advisor job creation needs to happen for the next 10-15 years to become a developed economy. "Need to generate at least 8-10 million livelihoods every year in order to become a developed economy," he said
He further said that while we can create enough jobs, there is a need to see whether we are generating enough jobs that are also paying well.
NDTV Profit GST Conclave Live: CEA Nageswaran Worried About Second, Third Round Effects Of Reduced Exports
"Worried about the second and third round effects of reduced exports to US," said V Anantha Nageswaran, Chief Economic Advisor.
If GST rate cuts negate US tariff's hit on India's industry only then the GDP might come in at upper end of estimate he said.
NDTV Profit GST Conclave Live: Rate Cut Should Be Able To Negate Effects Of US Tariffs, Says CEA Nageswaran
GST rate cut should be able to negate some of the negative hit that's expected to come in from US tariffs, said V Anantha Nageswaran, Chief Economic Advisor.
He further added that they are not looking at a current account number that will impact the rupee in the near term.
He also pointed that current account deficit may widen an inch towards 2%.
Further, anything more than what the RBI predicted for GDP can be attributed to the GST rate cut.
NDTV Profit GST Conclave Live: Weaker Rupee Can Help Counter US tariffs For Now, Says CEA Nageswaran
When discussing rupee V Anantha Nageswaran, Chief Economic Advisor said that a weaker Rupee is not entirely an undesirable outcome.
"Temporarily, a weaker rupee can help in the face of US tariffs," he said.
He further added that can rely on a weak rupee as a crutch temporarily in the face of US tariffs.
