PM Narendra Modi’s 5Ms for economic development

PM Narendra Modi's 5Ms for economic development

PM Narendra Modi.

NEW DELHI: “Man, Machine, Material, Money and Minute,” these are the 5 Ms that can propel our economy and take it forward on the path of development, PM Modi said while discussing the GST Bill in Lok Sabha on Monday.

The economic development would be ushered in by the GST as the states in our country are not self sufficient but are interdependent and GST will boost economy of under developed States, the PM said.

Reiterating his colleagues, the PM said that consumer is the king and that GST would give the consumers “freedom from tax terrorism”. GST Bill is designed in such a way that the commodities used by the poor are outside the purview of taxation,” the PM added.

The GST was passed by the Rajya Sabha last week. While the Lok Sabha passed the GST Constitutional Amendment Bill in May 2015, the separate amendments to some its clauses that were proposed in the Upper House, will now be ratified in the Lower House.

The GST is a uniform indirect tax+ levied on goods and services that will be levied across the country and replace all the various taxes that are currently levied on goods and services.

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