NEW DELHI: The European Union ( EU ) today gave thumbs up to India's Goods and Services Tax ( GST ) saying the new tax regime would facilitate ease of doing business Visiting EU leaders also welcomed India's efforts to promote economic and social development and expressed interest in participating in initiatives such as 'Make in India' 'Digital India', 'Skill India', and 'Start-Up India'. "The EU closely follows Prime Minister (Narendra) Modi's economic reforms, including the historic introduction of the Goods and Services Tax (GST), which can facilitate ease of doing business and promotes market integration in India by realising a simple, efficient and nation-wide indirect tax system," a said India-EU Joint Statement issued during India- EU Summit.The 14th annual summit between India and the European Union (EU) was held here. India was represented by Prime Minister Narendra Modi. "The leaders noted the progress made on EU-India cooperation on resource efficiency and circular economy. "Leaders acknowledged that the 'Make in India' initiative may offer investment opportunities for companies based in the EU Member States," it said.Further, the two sides reiterated the importance of reconciling economic growth and environment protection.

Source: Economic Times October 06, 2017 14:37 UTC