PM Modi Acknowledged the Broad-Mindedness of Small Entrepreneurs for GST

This year's Independence Day speech by our Prime Minister Narendra Modi couldn't create a great level of excitement due to several reasons. One of them is the entrance into the general elections phase. But for our readers, PM Modi does touch the sensitive issue of small entrepreneurs. He mentioned in his speech that MSMEs, Small entrepreneur of the country have accepted Goods and Services Tax (GST) despite initial challenges.

"The small entrepreneurs, small businessmen who faced teething difficulties in adopting GST, accepted the challenge and the country is now moving ahead," the Prime Minister said.

"There was unanimity on GST. Everyone wanted GST but they could not arrive at a decision because while on the subject, they were thinking in terms of their vested interests and whether this will translate into electoral gains," Modi added.

Today, with the help of small traders, their open-mindedness and their attitude of accepting the new, the country has implemented GST. A new found confidence has been generated in the business community, he said.

In his speech, Modi also mentioned the new laws on Insolvency and Bankruptcy to strengthen the banking sector.

"Who opposed them earlier?  Taking decisions requires a conviction, force, confidence and complete dedication to the good of the common man," he said.

"Why was the Benami property law not enforced earlier? The Benami property laws are implemented only when there is courage and a determination to do something for the country," the Prime Minister added.