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       BUSINESS Next Article: Sensex hits new record of 33,853.63; Nifty rises 34 pts  
       Tax terrorism eroded confidence of Indian businesses: Manmohan Singh
 
         Posted on :16:00:40 Nov 7, 2017
   
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       Last edited on:16:00:40 Nov 7, 2017
         Tags: Tax terrorism eroded confidence of Indian bus
 

AHEMDABAD: Former prime minister Manmohan Singh on Tuesday cornered the Centre over its economic policies and asserted that the fear of tax terrorism has eroded the confidence of Indian businesses.

Critical of the Good and Services Tax, Dr. Singh said the tax reform broken the back of small businesses.

"The fear of tax terrorism has eroded the confidence of Indian business to invest. This twin (demonetisation and GST) blow is complete disaster for our economy, it has broken the back of our small businesses," Dr. Singh said.

Cornering the government over increase in imports from China, Dr. Singh said because of the weak economic policies of Prime Minister Narendra Modi and his government, New Delhi had to run for Chinese imports at the cost of Indian jobs.

"We had to run for Chinese imports at the cost of Indian jobs. In the first half of 2016-17, India's imports from China stood at Rs 1. 96 lakh crore. In 2017-18, it increased to Rs.2.41 lakh," he said.

"Unprecedented growth of imports by over Rs. 45,000 crore, a 23 per cent increase in a year, can be attributed largely to demonetisation, GST. When undertaking endeavour of one nation one tax, if the Prime Minister had taken inspiration from resolve of the great Sardar Patel, the outcome would've been different," he added.

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       BUSINESS
Next Article: Sensex hits new record of 33,853.63; Nifty rises 34 pts
 
 
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