GST will give leg-up to economy, says PM | business | Hindustan Times
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GST will give leg-up to economy, says PM

Even as he admitted to problems within the UPA on various issues, Prime Minister Manmohan Singh on Thursday said implementation of goods and services tax (GST) will send a powerful signal on the economic front.

business Updated: Aug 17, 2012 01:14 IST
HT Correspondent

Even as he admitted to problems within the UPA on various issues, Prime Minister Manmohan Singh on Thursday said implementation of goods and services tax (GST) will send a powerful signal on the economic front.

"If GST is done, there will be a powerful signal on the economic front.... The finance ministry is working with chief ministers and there is an empowered group," he told reporters at an Iftar hosted by him.

Singh, however, refused to comment on any timeframe on allowing FDI in retail.

"I will not say anything. Parliament is in session."

Elaborating on his Red Fort speech blaming lack of political consensus hampering growth, Singh said: "My purpose was to create a climate where all national parties will work together and give primacy to national issues."

When pointed out that there were problems within the ruling coalition, he said: "I am not saying that there are no problems. There are problems within the coalition and there are problems with the opposition. We need to re-think. India needs to think big."

Singh asked parties to work together to realise the high growth of 9%, saying India is quite capable of achieving this figure.

Asked about rating agencies forecasting low growth, he said: "I do not want to criticise any rating agency. Sometimes they overdo."

When a group approached the PM and Congress president Sonia Gandhi on violence against Muslims in Myanmar, both the leaders assured that the Indian ambassador has been asked to look into the matter.