New Delhi: President Ram Nath Kovind said on Tuesday that the introduction of Goods and Services Tax (GST) was a milestone and the new regime has reduced barriers between states, creating a more formal economy.
Inaugurating the 37th India International Trade Fair (IITF) at Pragati Maidan here, he said the country is recognised as a bright spot of the global economy and the world has acknowledged the change in its business environment.
"Introduction of GST has been a milestone and it has broken down barriers between states. It has provided a boost to the creation of a common market and a more formal economy as well as a stronger manufacturing sector," Kovind said.
Due to these efforts, he said, foreign direct investment (FDI) in the country increased to USD 60 billion in 2016-17 from USD 36 billion in 2013-14.
The President also said that the focus of India's economic reforms and policies is to eliminate poverty and enhance the prosperity of millions of ordinary families.
"After all, trade must help common people. They are the ultimate stakeholders," he added.