My heartiest congratulations to every Indian, who has witnessed & participated in the most dynamic & historical tax reform post-independence in the form of GST under the dynamic leadership of our Hon'ble Prime Minister Mr. Narendra Modi. It was a matter of extreme pride for me to be amongst the gathering of all political stalwarts in the central hall of Parliament, representing ASSOCHAM, during launching of GST at 12 mid night on 1st July, 2017. GST will lead India's transition towards a new resurgent nation. The concept of One Nation- One tax will immensely benefit the economic growth of the country and would certainly elevate India's position in the world economy as well. We welcome the GST whole-heartedly and assure our full support to the government on behalf of the Industry for smooth roll-out on pan India basis.
As committed, ASSOCHAM is actively pursuing training program on GST particularly for traders on pan India basis and we are proud to say that almost 12000 traders have attended our training program already conducted at more than 60 cities on pan India basis. We are confident that government will keep supporting the industry to understand the subject and it has already given a two months window to file first return. Hopefully, Industry would be able to sort out or at least identify the issues they face during initial period and we assure our entire members that ASSOCHAM would take up those issues with Government on top priority to avoid any loss of business due to statutory issues.
Wholesale inflation fell to 0.90 per cent in June -- the lowest in at least eight months -- as prices of food articles, including vegetables, declined.
Inflation based on the wholesale price index (WPI) was 2.17 per cent in May 2017 and (-)0.09 per cent in June 2016.The slowdown in wholesale inflation comes against the backdrop of retail inflation easing to a record low of 1.54 per cent in June. The WPI figure is at the lowest level in at least eight months -- since the availability of data for the new 2011-12 base year series. It's been viewed as major paradigm shift in inflation trajectory.
Besides, industrial production data showed that the growth in factory output slumped to 1.7 per cent in May, 2017, from 8 per cent a year ago. We all know that Industry is going through an economic transition and we are all looking forward to a major positive turnaround in the times ahead. Major NPA accounts are being now referred to be dealt under Indian Bankruptcy & Insolvency Code 2016 and we believe that a pragmatic approach would help the Industry & the Banks to find an amicable resolution.
ASSOCHAM has planned some interesting events pertaining to the current issues during July-Aug, 2017 which includes subjects like Logistics, Merger & Acquisitions, Railways, Woman empowerment etc. Recently, ASSOCHAM conducted a Round Table discussion on Hydro Power duly chaired by Mr. Piyush Goyal, Hon'ble Minister of Power, Renewable & New Energy, Coal & Mining. This round table meeting was attended by CEOs of major conglomerate in Hydro power industry and efforts of ASSOCHAM team were applauded for this initiative. I believe, ASSOCHAM would be arranging more such round table meetings with concerned stake holders and policy/decision makers.