Be warned! Bad times ahead for the Indian economy

TIL Desk/Business/New Delhi- India has begun the process of passing what many think is its most important economic reform in two decades. The Goods and Services Tax will simplify indirect taxation in India and some think merely this simplification would add a couples of points of economic growth.

Others disagree, but all believe that this is a key reform. What other reforms can we expect? Not many and none the size of GST. If the expectation was that the Narendra Modi government would legislate dramatic change, this expectation has been let down.

The GST bill being pushed as a big reform is the idea of the previous Congress government and had actually been opposed by Modi as chief minister. When he won the general election, he changed his position and I think that is very good and wise politics.