GST rollout will be historic, will make India self-reliant in defence: PM Modi

Prime Minister Narendra Modi on Tuesday said that the roll-out of the Goods and Services (GST) tax from July 1 will be "historic" and the world will witness how political parties of different ideological hues came together to usher in this major reform.

He also strongly favoured making the country self-reliant in defence and technology sectors.

Addressing a gathering at the APJ Abdul Kalam Technical University (AKTU) here after inaugurating its new building, Modi said, "The roll out of the GST from July 1 will be historic. It will set an example for the world."

The prime minister said he was grateful to all those who had contributed towards the formation of a consensus over the tax reform.

I am grateful to all the vidhan sabhas, Lok Sabha, Rajya Sabha and political parties, Modi said.

"The world will witness a transformation (in India) and how all the political parties subscribing to different ideologies united for the implementation of the GST," he said.

The biggest tax reform since Independence, GST will re- shape India's business landscape by making the country an easier place to do business in and would bring down barriers between states.

It is all set to be launched at a grand function in the Central Hall of Parliament on the midnight of June 30.

GST over the medium to long term is expected to lead to higher revenues for the Centre and the states while also increasing the size of the economy and having a positive impact on the GDP.

It would unify the $2 trillion Indian economy and 1.3 billion people into a single market.

In his speech here, Modi also strongly favoured making the country self-reliant in defence sector.