After witnessing rude shock for BJP in three Hindi states, Prime Minister Narendra Modi, today, indicated his government’s move to bring 99 per cent of items below the 18 per cent GST slab and warned of stringent action against defaulters of bank loan and fugitives.
Addressing Republic Summit in Mumbai, he said that now registered enterprises numbered 65 lakh, increased by 55 lakh after GST. “Today, the GST system has been established to a large extent and we are working towards a position where 99 per cent items can be brought in the sub-18 per cent slab,” he added.
Prime Minister made it clear that economic fugitives and defaulters of bank loans would not be spared. He recalled the Insolvency and Bankruptcy Code, 2016 (IBC), the Fugitive Economic Offenders Act, 2018 and other changes that were helping prosecute those who earlier escaped the law.
Modi also highlighted in detail India’s achievements in the past nearly five years and said the nation has taken the first steps towards joining the $5 trillion economy club. He discussed the strides made in the economy across major sectors, ranging from waterways to aviation, in its path to development that catapulted India to compete at the global level.