New Delhi [India], July 18 (ANI): Congress MP Jairam Ramesh on Friday called for “drastic” reform of the Goods and Services Tax (GST) and an end to tax “terrorism.”
Ramesh, General Secretary in-charge of Communications of the Congress Party, in a post X, citing a research report, said that India’s economy needs a huge “booster dose”, calling for the abandonment of growth by a few “big” business groups through favouritism.
“It is abundantly clear that the economy needs a huge booster dose. That will happen only when drastic reform of GST takes place, when the atmosphere of tax terrorism ends, and when the fixation on the growth of just one or two big business groups through favouritism is abandoned,” Ramesh said on X.
He claimed that key high-frequency indicators are slowing or remaining subdued, including credit and exports as well as GST collections.
https://x.com/Jairam_Ramesh/status/1946062424022434261
He also pointed out that private consumption is not gathering momentum, which includes real estate and sales of two and three-wheeler automobiles.
“A research report issued by Nuvama Institutional Equities the day before yesterday has underscored some concerns on the current state of the Indian economy. It highlights the following. Key High Frequency Indicators are slowing or remain subdued. These include credit and exports as well as GST collections. Private Consumption is also not gathering momentum. These include real estate, 2-wheeler, and 4-wheeler sales,” the Congress Rajya Sabha MP said.
“Industry is off to a weak start in 2025/26 with a similar trend in electricity and diesel consumption as well as medium and heavy commercial vehicles. Eight core industries are showing poor growth. Agricultural prices, determinants of well-being in rural India, remain weak,” he added.
The senior Congress leader also claimed that the Corporates in the country continue to stay cashflow focused and are now cutting wages and capital expenditure to lift their already high free cashflows. (ANI)
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