In an interview to Network18 Group Editor-in-Chief Rahul Joshi on Thursday, Union Commerce and Industry Minister Piyush Goyal spoke about the Rs 48000 crore revenue impact owing to the GST reforms and said that the revenue will "probably go up than being a loss".
Upon being asked if he is expecting a revenue buoyancy, Goyal said, "every economic theory suggests that", adding that, "with 2 lakh crore revenue generation in a month makes it around 24 lakh crore in a year which makes it hardly a consequential amount."
Talking about the five-month high Q1 GDP growth at 7.8% and the controversy surrounding the 'India is a dead economy remark' by US President Donald Trump with which Leader of Opposition in Lok Sabha and Congress leader Rahul Gandhi had agreed, Goyal said Gandhi "has always been a naysayer and a person who could never understand economics".
Goyal slammed the Congress leader and said,"We have seen that over the years. He sees ghosts where there are none. He cannot appreciate that the people of India has seen significant improvement in their lives".
In a scathing remark against the LoP, Goyal said Gandhi has not been able to reconcile (with the fact) that the people of India have voted him out three times in a row.
"It's a rocket that somehow fails everytime it tries to take off", Goyal made a jibe at the Congress' electoral performance under Gandhi's leadership.
He said Gandhi has hurt the sentiments of 140 crore Indians who can see the improvement in their lives and can see that PM Modi has reduced their income tax, continues to provide free food grains to even those 80 crore Indians who have come out of poverty line, and that fertilizers price has not increased in the past eleven years.
Goyal said PM Modi has ensured that the burden of increase in the tax prices of fertilizers are borne by the Central government.
"PM Modi is a sensitive human being, concerned and caring about the last man at the bottom of the pyramid. Right from day once, he was worried about the social security of the poor, marginalized, and the unbanked sections of the society. After all what was Jan Dhan account? He made the bank doors open to every section of the society," Goyal told Joshi of CNN-News18.
He spoke about Ayushman Bharat scheme to say that 62-65 crore Indians and everyone above the age of 70 is eligible for free health care. Talking about the new GST slabs, he pointed out, "A reduction of GST on premiums on life and health insurance policies from 18% to zero is a massive reduction."
He said the middle-class will be able to buy more insurance and secure their future, health and an unfortunate incident in their life or anybody else in their family.
"I think it's a very concerted effort over the years in a smart fashion while making sure the sanctity of the fundamentals of the economy remain very string and not slip back but only power on for every Indian."
Goyal said PM Modi has clearly shown that good economics can also be equal to good politics.
Attacking the Congress, he said, "the old adage of the Congress which itself used to always be looking at very low ambition of ideas and full of scandals and scams -- the Coal gate, the Commonwealth Games scam, the telecom scam, the Antrix-Devas, the list goes on..."
He said PM Modi has run an "honest government" and "an honest government will always have money to spare to give benefit worth over Rs 2 lakh crore in one shot through the reduction of GST".
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