National
‘GST, bankruptcy code will boost India’s ranking globally’
New Delhi, Nov 23 (IANS) The implementation of Goods and Services Tax (GST) and the new Insolvency and Bankruptcy Code will in a major way boost India’s ranking by the World Bank and international rating agencies that will help in attracting huge foreign investment, officials said on Thursday.
They also feel that the rating agencies are biased when it comes to rating developing countries like India vis-a-vis developed countries when it comes to several aspects like ease of doing business and other issues.
Giving a presentation on various aspects of economy and the reforms undertaken by the government in the last three years at a meeting with select editors, the officials said that the government has undertaken 183 reforms in all. But the World Bank has taken note of only 133 fully or partially implemented measures.
Finance Minister Arun Jaitley, who was also present, said the Insolvency and Bankruptcy Code was not taken into account because it was not implemented last year.
The officials said as many as 122 reforms have been implemented and still 88 were under implementation.
Once these reforms along with structural reforms like the GST and the IBC are taken into account they will give us a major boost in rating, they said.
They said the Moody’s has favourably commented on demonetisation and other institutional changes. Inflation handling has been acknowledged while Aadhaar has ensured institutional transparency. The banking sector intervention has also been favourably taken note of. In September, this banking aspect was considered as a great risk.
They have now acknowledged public debt has stable and the highest ranking in foreign exchange reserves in South Asia as having given a competitive edge to India. Resolving insolvency has been fully acknowledged.
Officials said while in the short term the Sensex and Currency Markets went up along with the bond market, in the long term the government feels that the rating upgrade will give a major boost domestically and internationally by attracting huge foreign investments.
On the GST implementation, the officials acknowledged that there has been an adverse impact on the micro, small and medium enterprises and the government was doing its best to help the sector which has a major role in the economy. Adequate time is being given to them for enrolment into the new tax regime.
“We will have to come out with some schemes for helping them,” they said.
Chief Economic Advisor Arvind Subramanian said both demonetisation and GST are one off incidents. While demonetisation cannot be reversed, the GST can be made further simple. “We are going to simplify it. We have to simplify for the small guy,” he said.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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