Page 29 - NIS-English 16-31 May 2022

Towards Duty
Towards
Duty
Path
Path
Years
Years
INDUSTRY-COMMERCE-ECONOMY
THE WORLD'S FASTEST

GROWING ECONOMY

hen PM Narendra Modi took over as Prime Minister of India eight years ago, the
economy was in a state of disarray. There were numerous challenges, including industry
Wstagnation, decreased investment, and a tangle of laws. Prime Minister Modi chose
the reform path. For this, necessary structural reforms in the economy were implemented, and
a better environment for industries and investments was created. The tax collection system
improved. During the Covid challenge, the Self-Reliant India Campaign focused on making
essential items in the country by reducing imports and taking special steps to increase exports.
As a result, India, the world's fifth largest economy, has also become the world's largest.
GST: ONE TAX, ONE COMPANIES (AMENDMENT) ACT

NATION In 2017, the Companies Act was amended
to provide relief to small businesses. The
VAT rates and regulations Committee on Companies Law recommended
differed by state, and it that the 2013 Act decriminalise 16 technical
was found that different lapses and treat them as civil errors. It aims to
states frequently reduced increase transparency in corporate governance by
making company directors more responsible and
their rates to attract accountable.
investors. This resulted
in revenue losses for INSOLVENCY AND BANKRUPTCY CODE
both the central and state The Insolvency and Bankruptcy Code
governments. Keeping 2016 was formulated. This resulted
this in mind, the Single in a massive shift away from the
existing system of "control of
and Simple GST was the debtor" and toward a
introduced in 2017. Tax system of "control of the
rates and procedures are creditor." This proved
now consistent across to be significant in
the country. terms of improving
the ease of doing
The implementation of business and lowering
GST resulted in savings NPAs. Parliament
of up to 4% in monthly recently approved
the necessary
household expenses. amendments
India's GDP in 2014 was to it.
The GST collection
stood at Rs 1.10 lakh crore, it is
`1,42,095 now Rs 2.30 lakh crore.
crore in March 2022. This
is the biggest record ever.

New India Samachar May 16-31, 2022 27