NEW DELHI: BJP on Tuesday highlighted the impact of GST reforms alongside cuts in interest and income tax rates, asserting that the measures taken by govt had fueled economic growth, promising a vibrant Diwali with increased spending power for citizens.
At a press conference, BJP spokesperson Zafar Islam said that GST collection had reached a record Rs 2 lakh crore. "PM Narendra Modi announced from the Red Fort that relief will be given in GST, and the concessions provided will greatly benefit the people. Such a good Diwali has not been seen in the last 50 years as will be seen this time. On this Diwali, the possible GST rate cut, the rate cuts already implemented, the reduction in interest rates, and the income tax rate cuts - all these together will further boost the country's economy," Islam said.
He said when BJP handed over the economy in 2004, it was strong, but by 2014, every parameter was in a dire state. "Since 2014, under Modi's leadership, India has emerged as a global economic powerhouse. From a $2.4 trillion economy, it has soared to $4.3 trillion, climbing from the 11th to the 4th largest economy worldwide," Islam said, noting that global rating agencies have upgraded India's rating from Triple B Minus to Triple B Flat.
He said while the world grappled with inflation and tariff challenges, India stands resilient as inflation has dropped from 9.7% in 2013 to 1.5% today, with food inflation at -1.6%. "The prices of onions, tomatoes, and potatoes have actually fallen," Islam said. tnn
At a press conference, BJP spokesperson Zafar Islam said that GST collection had reached a record Rs 2 lakh crore. "PM Narendra Modi announced from the Red Fort that relief will be given in GST, and the concessions provided will greatly benefit the people. Such a good Diwali has not been seen in the last 50 years as will be seen this time. On this Diwali, the possible GST rate cut, the rate cuts already implemented, the reduction in interest rates, and the income tax rate cuts - all these together will further boost the country's economy," Islam said.
He said when BJP handed over the economy in 2004, it was strong, but by 2014, every parameter was in a dire state. "Since 2014, under Modi's leadership, India has emerged as a global economic powerhouse. From a $2.4 trillion economy, it has soared to $4.3 trillion, climbing from the 11th to the 4th largest economy worldwide," Islam said, noting that global rating agencies have upgraded India's rating from Triple B Minus to Triple B Flat.
He said while the world grappled with inflation and tariff challenges, India stands resilient as inflation has dropped from 9.7% in 2013 to 1.5% today, with food inflation at -1.6%. "The prices of onions, tomatoes, and potatoes have actually fallen," Islam said. tnn
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