{"id":1746,"date":"2018-11-12T06:31:30","date_gmt":"2018-11-12T06:31:30","guid":{"rendered":"https:\/\/ncrfrontlinenews.com\/?p=1746"},"modified":"2018-11-12T06:31:30","modified_gmt":"2018-11-12T06:31:30","slug":"gst-a-monumental-reform-hit-growth-only-for-two-quarters-arun-jaitley","status":"publish","type":"post","link":"https:\/\/ncrfrontlinenews.com\/?p=1746","title":{"rendered":"GST a monumental reform, hit growth only for two quarters: Arun Jaitley"},"content":{"rendered":"<p><strong>MUMBAI:\u00a0<\/strong>The GST implementation was a &#8220;monumental reform&#8221; which had disruptionist impact on growth only for two quarters, Union finance minister Arun Jaitley said on Sunday, hitting out at &#8220;critics and cynics&#8221; who blame it for hurting the GDP expansion.<\/p>\n<p>The remarks come a day after former RBI governor\u00a0<span>Raghuram Rajan blamed+<\/span>\u00a0the indirect taxation reform for derailing India&#8217;s growth story. Jaitley did not name Rajan directly.<\/p>\n<p>&#8220;You will always have critics and cynics who will come up and say it (GST) slowed down India&#8217;s growth,&#8221; Jaitley said, speaking at state-run Union Bank of India&#8217;s 100th anniversary celebrations event here over a video link.<\/p>\n<p>The finance minister said that after suffering for two quarters, growth increased to 7 per cent, then to 7.7 per cent and went up till 8.2 per cent last quarter and specifically pointed out that this is much higher than the 5-6 per cent expansion achieved between 2012-14.<\/p>\n<p>The Goods and Services Tax (GST), India&#8217;s biggest tax reform since independence which came into force on July 1, 2017, had &#8220;disruptionist&#8221; impact on economic growth only for two quarters, he said.<\/p>\n<p>Jaitley also said there is a need to bring down non-performing assets (NPAs) in the banking system in order to strengthen the banking system and support growth.<\/p>\n<p>&#8220;To maintain the strength of the banking system and help India grow, we need to minimise our NPAs. Various, multiple options have been exercised,&#8221; he said, adding, experiments are bringing results certainly.<\/p>\n<p>Strength of the banking system has to be improved so that liquidity in markets is maintained, Jaitley said<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUMBAI:\u00a0The GST implementation was a &#8220;monumental reform&#8221; which had disruptionist impact on growth only for two quarters, Union finance minister Arun Jaitley said on Sunday, hitting out at &#8220;critics and cynics&#8221; who blame it for hurting the GDP expansion. The remarks come a day after former RBI governor\u00a0Raghuram Rajan blamed+\u00a0the indirect taxation reform for derailing [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-1746","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/1746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1746"}],"version-history":[{"count":1,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/1746\/revisions"}],"predecessor-version":[{"id":1748,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/1746\/revisions\/1748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/1747"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}