Speed Post News Network
New Delhi : Vice President (VP) of India M Venkaiah Naidu on October 6, 2017, said that the ongoing discussion on Economy in the country is good for democracy. He was addressing a gathering after inaugurating the International Conference on Technological Advancements in Railway & Metro Projects 2017, organized here by the Defence Infrastructure Planning & Management Council, the Ministry of Railways, the Ministry of Urban Development and the Niti Aayog.
The Vice President said that any transformation or reformation will have hiccups in the initial stages. He said that revolutionary taxation and reformation is taking place in the country. The Vice President quoted the World Bank President Jim Yong Kim, who has described the recent slowdown in economic growth in India as an aberration, which is mainly due to temporary disruptions in preparation for the GST. He went on to recall the World Bank President’s statement that this aberration will get corrected in coming months and that the GST is going to have a hugely positive impact on Indian economy, according to a PIB release. He also cited recent reports that indicated a significant increase in sales of cars, televisions and refrigerators as compared to last year showing an upswing in consumer spending.
The Vice President said that with urbanization taking place at a rapid pace in India, the need for efficient and cost-effective transport is critical in ensuring faster mobility and sustainable development. He further said that new concepts such as ‘Transit Oriented Development’ should be tried out and promoted which will improve the lives of people living around the metro stations in a big way.