GST Going to Change India's Economy: Vice-President M Venkaiah Naidu

Kolkata: The Goods and Services Tax (GST) is going to change India's economy though initially it might have caused some pain, Vice-President M Venkaiah Naidu on Saturday said.

Speaking on the concluding day of the 11th Global Doctors' Summit in Kolkata, Naidu said the improvement in India's tax system with the introduction of GST will ultimately benefit its people.

"As the World Bank report suggests, GST is going to be transformational, revolutionary tax system to change India's economy. Any improvement in system ultimately helps people," Naidu said.

He said that as Vice-President, he would not discuss the merits of issues like demonetisation or GST, but if one argues that almost the entire demonetised money has come back to banks post note ban, then it must be considered if that is not better than the money stashed in bathroom and underneath the pillows of individuals.

He said India is on the cusp of new economic growth in sync with Prime Minister Narendra Modi's vision, "reform perform and transform."

Naidu said that 65 percent of India's population were under 30 years of age and called for new ideas to take the country forward.

About his new role as Vice-President, Naidu said, "two months back I was a minister. Now I have retired from politics but not retired from public life. So, I cannot speak on issues as I did when I was a minister."