gfiles magazine

October 15, 2015

India’s ‘Development’ Model Driving on the wrong side?

politics mg devasahayam

Following the global recession, the Indian economy is possibly heading towards a tail-spin. Responding to this crisis, Prime Minister Narendra Modi invited top industrialists and businessmen to discuss ways and means to revive the economy. Their panacea was the Goods and Services Tax (GST), easy land acquisition, reduction in interest rates and labour reforms. Viewed practically, these suggestions cannot stand objective scrutiny. Implementing GST would equalise the tax rates on goods consumed by the rich and the poor.

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