Editor-In-Chief’s Note: Truly a Milestone
It’s only befitting that PM Narendra Modi chose his US visit to invite US businesses to partner with India, citing landmark reforms like GST.
In a signed piece in a US daily, Modi observed: “The roll out of the Goods and Services Tax on July 1 will, in a single stroke, convert India into a unified, continent-sized market of 1.3 billion people. The planned 100 smart cities, the massive modernization of ports, airports, and road and rail networks, and the construction of affordable housing for all by 2022 — the 75th anniversary of India’s independence — are not just promises of great urban renewal within India. These plans also showcase the enormous fruits of our relationships with enterprising US partners — worth many billions of dollars over the next decade alone — together with concomitant new employment opportunities across both societies.”
BW Businessworld was the first business and policy magazine to flag off the issue and do a split cover story on GST, last year (BW 25 July, 2016). As we come closer to the rollout, we do a reality check, in our current issue.
But more of that later.
What is interesting in Modi’s US article is that he’s talking about his agenda for the year 2022 — way beyond 2019 when his first term ends. Didn’t we talk about “Modi’s 7-year plan”, recently in our cover story (BW 10 June, 2017)? Coming to the current issue, the nation is abuzz with the GST rollout. A special midnight session of Parliament has been convened to usher in a new era. Former Prime Ministers such as Manmohan Singh and H.D. Deve Gowda will share the dais with PM Modi.
The Opposition, however, is said to be contemplating a boycott. It’s akin to shooting itself in the foot. Recall how various Congress Chief Ministers had rooted for GST even as the Central Congress was vacillating over its stand — captured in our split cover story on GST.
Yet, is everything in place for the GST rollout?
The Union government is ready, for sure. What about India Inc.? The picture is not that of readiness. In a survey commissioned by BW Businessworld, we found out that while the MSMEs would have liked the rollout only a year later, even larger corporates would have liked a window of three months. Apart from the survey, BW reporters map the sense of readiness across various sectors and also weigh the impact that the landmark indirect tax reforms would have on them.
The man spearheading India’s GST rollout, Union Revenue Secretary Hasmukh Adhia, in a conversation with Deputy Editor Suman K. Jha, sounds confident that it would be a smooth transition, save for the teething problems in the beginning. He does concede though that there’s a fear of the unknown.
In the same package, Correspondent Naina Sood talks to GSTN Chairman Navin Kumar who seems set — having laid the IT infrastructure for the transition.
In his opening piece, Mumbai Bureau Chief Clifford Alvares captures the fear that smaller enterprises may even see a wipeout. In the past, we have said that GST is good for the nation, and will have a positive effect on the GDP. This issue is primarily on India Inc’s Readiness Index on GST.
Among other issues, we have a detailed package on the farmers’ crisis in the country, handled by Correspondent Prabodh Krishna and Sutanu Guru.
Marketing & Advertising Editor Noor Fathima Warsia brings you exclusive vignettes from the Cannes Lions International Festival of Creativity
Clifford Alvares, in an in-depth, also looks at the booming housing finance sector.
Among other offerings this issue, there’s an interview of Union IT Minister Ravi Shankar Prasad by Suman K Jha, and a look at PM Modi’s foreign trips.
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Happy reading!
