Govt to unleash further reforms

GST may be fast- tracked

With the BJP storming to power in Haryana for the first time and all set to form the government in Maharashtra by becoming the single largest party in the state, the Narendra Modi government at the Centre may feel more comfortable in unleashing its economic reforms agenda.

The Assembly poll results in the two states seemed to be music to the ears of India Inc and also potential domestic and foreign investors, as they are eagerly await reforms, that includes introduction of the Goods and Services Tax.

Other than GST, the eco- nomic reform measures which await governmental and parliamentary approval include the Direct Tax Code, the Insurance and Pension Bills, a slew of labour reforms and a few other decisions to make it easier to do business in India.

The mood in the business community was upbeat Sunday as these kind of results at the Assembly level will ensure that the BJP gains the upper hand eventually in the Rajya Sabha, where the government is now dependent on the support of the Opposition, including the Congress. A senior saffron leader noted: “Even if the government wants to push

ensure better coordination between the Centre and states on important but politically difficult issues like labour reforms.

“A clear dominance of the BJP in the Haryana and Maharashtra Assembly elections will strengthen Prime Minister Narendra Modi’s Central government and give it further crucial political support for going ahead with key economic reforms, including the longpending GST, better subsidy targeting and labour laws,” Assocham said in a statement.

“The victory in these states will also enable the Bhartiya Janata Party and its allies to send more members to the Rajya Sabha, where the ruling party at present does not enjoy a full majority. Such victories will take the BJP steadily to a majority in the Upper House, which is crucial to take forward crucial economic legislation,” said Assocham president Rana Kapoor.