Tag: Ficci

  • Pankaj Patel is new FICCI president

    Pankaj Patel is new FICCI president

    NEW DELHI: Zydus Cadila – Cadila Healthcare Ltd. chairman and managing director Pankaj R. Patel has been elected the president of Federation of Indian Chambers of Commerce & Industry (FICCI) for the year 2017.

    Patel spearheads Zydus Cadila, an innovation-driven global healthcare company which manufactures and markets a wide range of products ranging from APIs to formulations, vaccines, biologicals and niche technologies. With over 1200 researchers, the group has been at the forefront bridging unmet healthcare needs with novel therapies that are affordable and accessible.

    Patel is the chairman of the board of governors and Society, IIM, Udaipur and IIT, Bhubaneswar. He is also on the Board of IIM-Ahmedabad.

    He also officiates on the Board of various educational institutes such as Ahmedabad University, Narsee Monjee Institute of Management Studies, the Gujarat Law Society, Nirma University etc.

    He is the executive chairman, vice president and trustee of the Gujarat Cancer Society and chairman of the Gujarat Cancer and Research Institute, a Regional Cancer Centre and one of the largest cancer centres of India, reaching out to the needy and underprivileged cancer patients.

  • Pankaj Patel is new FICCI president

    Pankaj Patel is new FICCI president

    NEW DELHI: Zydus Cadila – Cadila Healthcare Ltd. chairman and managing director Pankaj R. Patel has been elected the president of Federation of Indian Chambers of Commerce & Industry (FICCI) for the year 2017.

    Patel spearheads Zydus Cadila, an innovation-driven global healthcare company which manufactures and markets a wide range of products ranging from APIs to formulations, vaccines, biologicals and niche technologies. With over 1200 researchers, the group has been at the forefront bridging unmet healthcare needs with novel therapies that are affordable and accessible.

    Patel is the chairman of the board of governors and Society, IIM, Udaipur and IIT, Bhubaneswar. He is also on the Board of IIM-Ahmedabad.

    He also officiates on the Board of various educational institutes such as Ahmedabad University, Narsee Monjee Institute of Management Studies, the Gujarat Law Society, Nirma University etc.

    He is the executive chairman, vice president and trustee of the Gujarat Cancer Society and chairman of the Gujarat Cancer and Research Institute, a Regional Cancer Centre and one of the largest cancer centres of India, reaching out to the needy and underprivileged cancer patients.

  • FICCI keen on IPR awareness & enforcement to encourage innovation

    FICCI keen on IPR awareness & enforcement to encourage innovation

    NEW DELHI: Department of Industrial Policy & Promotion joint secretary Rajiv Aggarwal has said India’s IP framework was in the midst of a paradigm shift following the announcement of the National IPR Policy.

    Chairing a session on India’s IPR Policy: A Roadmap to Robust IP Ecosystem in India in a meet organized by FICCI, he said while the Department was spearheading the overall policy, specific recommendations listed in the policy were being taken up for action by concerned ministries and departments.

    He elaborated on the initiatives undertaken by DIPP and the Cell for IPR Promotion and Commercialisation (CIPAM) set up by the Government to implement the seven objectives which formed the basis of the National IPR Policy, besides bringing forth the industry’s role in ensuring the effective roll-out of these initiatives.

    FICCI, in its drive to spur growth in the Indian industry, specially manufacturing, organised in association with the International Chamber of Commerce (ICC) India, the International Conference on ‘IP: Key Enabler to Growth & Innovation’ here.

    FICCI IPR Committee chairman Narendra Sabharwal who is the former convener of Think Tank on IPR Policy and former deputy director-gneral in World Intellectual Property Organisation (WIPO) said that FICCI had a particular interest in supporting and encouraging innovation for the benefit of industry and economic growth. Consequently, FICCI was working with all stakeholders towards creating awareness about IP, its adequate enforcement, besides ensuring the effective implementation of India’s National IPR Policy recommendations.

    He said India’s IP policy gives IP the prominence it deserves as it is for the first time that IP has been brought into the mainstream of the growth process. He underlined the need to raise awareness amongst businesses on how to use IP as a tool to raise competitiveness and foster growth. While the IP policy provides the overall direction, the rest of the economic and social policies need to be tweaked to bring them in sync with the IP policy.

    Sabharwal enumerated the objectives of the IP policy as promotion and awareness of IP issue, generation of IP, legal and legislative framework, administration and management, commercialisation of IP, enforcement and adjudication and creation of human capital.

    He recommended that all industries and businesses should undertake a baseline IP survey to assess where we are and how do we move forward. He also suggested that there was need for a study on the economic contribution of IP such as a copyright-related industries survey on contribution of GDP.

    ICC Commission on Intellectual Property chairman David J Koris underlined the need of creating an ecosystem that nurtured and promoted intellectual property to fulfill its potential as a tool to spur innovation and creativity, and economic growth.

    Through its awareness-raising and advocacy initiatives, the Commission on Intellectual Property promotes the positive role of the IP system, gives guidance on how the system can be made more efficient and cost effective, helps policy makers adapt the system to new challenges, and promotes the use of IP as a business tool. It also actively contributes on issues arising from the areas of interface between intellectual property and other areas, such as the digital environment and the Internet, the environment, health, development, and competition policy.

    Koris said that for meaningful support to countries in the markets where they operate, the key imperatives were: uniform belief in the rule of law, good regulations and laws and focus on infrastructure.

    He said IP is a key driving force for growth in many companies and economies today, as the different types of intangible assets of a business are becoming increasingly important and valuable in relation to its tangible assets. The IP Commission produces publications and organizes events to support the ICC network of business organizations and chambers of commerce in their efforts to help companies use the IP system to increase their competitiveness.

    ICC India president Prashant Modi highlighted the important role of intellectual property in promoting innovation and technology diffusion, and the way technologies were disseminated in different sectors and countries globally. He observed that IP was a dynamic and constantly evolving field, which was closely tied to technological, economic, political and social changes, and the vital role that intellectual property rights (IPRs) – copyrights, patents, trademarks and similar rights upon which the lion’s share of creative and innovative products and services relied – had in helping the economies of developed and developing countries all over the world grow.

    Dr. K. S. Kardam, senior joint controller of patents and designs at Indian Patent Office, observed that, in the recent years, India was paying increasing attention to facilitate the ease of doing business in the country. With the significance of IPR as a foremost enabler now being increasingly recognized, the government was making efforts to address the concerns that the industry had in conducting business in India, and to work with the industry and other stakeholders to identify solutions towards further enhancing India’s business landscape.

    ICC India vice president Subhrakant Panda said protection of IP rights had become more important than ever following the new economic reforms initiatives introduced by the government. Innovation, he said, was the cornerstone of economic development and emphasised that India had a robust IP regime and a strong judicial system for recourse for settlement of disputes.

    The delegates at the conference deliberated on important developments in intellectual property like India’s recently announced National IPR Policy and the subsequent initiatives undertaken by the government e.g. setting up the Cell for IPR Promotion and Commercialisation (CIPAM) to oversee the implement the policy recommendations, besides bringing froth Industry’s views and perspective on these initiatives.

    Discussions also focussed on other IP-specific issues including constraints that India was facing on account of Counterfeiting and Piracy and the sustained actions needed among the stakeholders to effectively combat this global threat; the concerns of industry in areas such as CRI Guidelines, TRAI Regulations for broadcasting sector, issues with regard to SEP & FRAND terms – among other.

    One of the conference sessions was dedicated to a comparative outlook of India’s IP ecosystem vis-a-vis other jurisdictions, where the panelists undertook an assessment of where India stood on IP matters in comparison to the global standards and practices, whether India could incorporate certain relevant international IP best practices and where the country should be positioning to figure in the emerging global IP framework.

    The Conference brought together a number of leading policy makers, professionals, government officials and IP expert from India and from across the globe. A number of members of the International Chamber of Commerce (ICC) attending the ICC IP Commission meeting in India also participated in the conference, both as speakers and delegates.

  • FICCI keen on IPR awareness & enforcement to encourage innovation

    FICCI keen on IPR awareness & enforcement to encourage innovation

    NEW DELHI: Department of Industrial Policy & Promotion joint secretary Rajiv Aggarwal has said India’s IP framework was in the midst of a paradigm shift following the announcement of the National IPR Policy.

    Chairing a session on India’s IPR Policy: A Roadmap to Robust IP Ecosystem in India in a meet organized by FICCI, he said while the Department was spearheading the overall policy, specific recommendations listed in the policy were being taken up for action by concerned ministries and departments.

    He elaborated on the initiatives undertaken by DIPP and the Cell for IPR Promotion and Commercialisation (CIPAM) set up by the Government to implement the seven objectives which formed the basis of the National IPR Policy, besides bringing forth the industry’s role in ensuring the effective roll-out of these initiatives.

    FICCI, in its drive to spur growth in the Indian industry, specially manufacturing, organised in association with the International Chamber of Commerce (ICC) India, the International Conference on ‘IP: Key Enabler to Growth & Innovation’ here.

    FICCI IPR Committee chairman Narendra Sabharwal who is the former convener of Think Tank on IPR Policy and former deputy director-gneral in World Intellectual Property Organisation (WIPO) said that FICCI had a particular interest in supporting and encouraging innovation for the benefit of industry and economic growth. Consequently, FICCI was working with all stakeholders towards creating awareness about IP, its adequate enforcement, besides ensuring the effective implementation of India’s National IPR Policy recommendations.

    He said India’s IP policy gives IP the prominence it deserves as it is for the first time that IP has been brought into the mainstream of the growth process. He underlined the need to raise awareness amongst businesses on how to use IP as a tool to raise competitiveness and foster growth. While the IP policy provides the overall direction, the rest of the economic and social policies need to be tweaked to bring them in sync with the IP policy.

    Sabharwal enumerated the objectives of the IP policy as promotion and awareness of IP issue, generation of IP, legal and legislative framework, administration and management, commercialisation of IP, enforcement and adjudication and creation of human capital.

    He recommended that all industries and businesses should undertake a baseline IP survey to assess where we are and how do we move forward. He also suggested that there was need for a study on the economic contribution of IP such as a copyright-related industries survey on contribution of GDP.

    ICC Commission on Intellectual Property chairman David J Koris underlined the need of creating an ecosystem that nurtured and promoted intellectual property to fulfill its potential as a tool to spur innovation and creativity, and economic growth.

    Through its awareness-raising and advocacy initiatives, the Commission on Intellectual Property promotes the positive role of the IP system, gives guidance on how the system can be made more efficient and cost effective, helps policy makers adapt the system to new challenges, and promotes the use of IP as a business tool. It also actively contributes on issues arising from the areas of interface between intellectual property and other areas, such as the digital environment and the Internet, the environment, health, development, and competition policy.

    Koris said that for meaningful support to countries in the markets where they operate, the key imperatives were: uniform belief in the rule of law, good regulations and laws and focus on infrastructure.

    He said IP is a key driving force for growth in many companies and economies today, as the different types of intangible assets of a business are becoming increasingly important and valuable in relation to its tangible assets. The IP Commission produces publications and organizes events to support the ICC network of business organizations and chambers of commerce in their efforts to help companies use the IP system to increase their competitiveness.

    ICC India president Prashant Modi highlighted the important role of intellectual property in promoting innovation and technology diffusion, and the way technologies were disseminated in different sectors and countries globally. He observed that IP was a dynamic and constantly evolving field, which was closely tied to technological, economic, political and social changes, and the vital role that intellectual property rights (IPRs) – copyrights, patents, trademarks and similar rights upon which the lion’s share of creative and innovative products and services relied – had in helping the economies of developed and developing countries all over the world grow.

    Dr. K. S. Kardam, senior joint controller of patents and designs at Indian Patent Office, observed that, in the recent years, India was paying increasing attention to facilitate the ease of doing business in the country. With the significance of IPR as a foremost enabler now being increasingly recognized, the government was making efforts to address the concerns that the industry had in conducting business in India, and to work with the industry and other stakeholders to identify solutions towards further enhancing India’s business landscape.

    ICC India vice president Subhrakant Panda said protection of IP rights had become more important than ever following the new economic reforms initiatives introduced by the government. Innovation, he said, was the cornerstone of economic development and emphasised that India had a robust IP regime and a strong judicial system for recourse for settlement of disputes.

    The delegates at the conference deliberated on important developments in intellectual property like India’s recently announced National IPR Policy and the subsequent initiatives undertaken by the government e.g. setting up the Cell for IPR Promotion and Commercialisation (CIPAM) to oversee the implement the policy recommendations, besides bringing froth Industry’s views and perspective on these initiatives.

    Discussions also focussed on other IP-specific issues including constraints that India was facing on account of Counterfeiting and Piracy and the sustained actions needed among the stakeholders to effectively combat this global threat; the concerns of industry in areas such as CRI Guidelines, TRAI Regulations for broadcasting sector, issues with regard to SEP & FRAND terms – among other.

    One of the conference sessions was dedicated to a comparative outlook of India’s IP ecosystem vis-a-vis other jurisdictions, where the panelists undertook an assessment of where India stood on IP matters in comparison to the global standards and practices, whether India could incorporate certain relevant international IP best practices and where the country should be positioning to figure in the emerging global IP framework.

    The Conference brought together a number of leading policy makers, professionals, government officials and IP expert from India and from across the globe. A number of members of the International Chamber of Commerce (ICC) attending the ICC IP Commission meeting in India also participated in the conference, both as speakers and delegates.

  • Facebook-FICCI to promote social sector innovations

    Facebook-FICCI to promote social sector innovations

    NEW DELHI: The Federation of Indian Chambers of Commerce and Industry (FICCI) and Facebook have joined to augment the Millennium Alliance (MA) initiative.

    Facebook has joined hands with FICCI as an Outreach and Knowledge partner to support and expand the development of the social enterprise sector in India. Both share the commitment to promote replication and scale of the selected social enterprise innovations across the South Asia and Africa regions in the identified priority areas of sanitation, education, health care, clean energy and agriculture.

    Facebook and FICCI together will also engage in organizing regular workshops & webinars for shortlisted applicants to promote the effectiveness of Facebook as a tool for promoting business and social innovations apart from helping them reach out and connect to relevant resources globally.

    The Millennium Alliance is an inclusive platform to leverage Indian creativity, expertise, and resources to identify, scale and expand the outreach of innovative solutions being developed and tested in India to address development challenges that will benefit ‘base of the pyramid’ populations across India and the world.

    The Millennium Alliance (MA) was launched in July 2012 jointly by the Technology Development Board of the Department of Science and Technology; USAID and FICCI to recognize India’s role as a global innovation laboratory, by identifying, testing and scaling solutions that leverage private and public sector resources and expertise to reduce the cost and increase the reach of development improvements in India and around the world. ICICI Foundation for Inclusive Growth, ICCo Cooperation, UKAID, WISH Foundation & World Bank subsequently came on board as Program Partners. The MA aims to create significant developmental impact at the base of the pyramid population. So far, MA has funded 62 projects, dispersing close to Rs. 55,00,00,000 in its key focus sectors.

  • Facebook-FICCI to promote social sector innovations

    Facebook-FICCI to promote social sector innovations

    NEW DELHI: The Federation of Indian Chambers of Commerce and Industry (FICCI) and Facebook have joined to augment the Millennium Alliance (MA) initiative.

    Facebook has joined hands with FICCI as an Outreach and Knowledge partner to support and expand the development of the social enterprise sector in India. Both share the commitment to promote replication and scale of the selected social enterprise innovations across the South Asia and Africa regions in the identified priority areas of sanitation, education, health care, clean energy and agriculture.

    Facebook and FICCI together will also engage in organizing regular workshops & webinars for shortlisted applicants to promote the effectiveness of Facebook as a tool for promoting business and social innovations apart from helping them reach out and connect to relevant resources globally.

    The Millennium Alliance is an inclusive platform to leverage Indian creativity, expertise, and resources to identify, scale and expand the outreach of innovative solutions being developed and tested in India to address development challenges that will benefit ‘base of the pyramid’ populations across India and the world.

    The Millennium Alliance (MA) was launched in July 2012 jointly by the Technology Development Board of the Department of Science and Technology; USAID and FICCI to recognize India’s role as a global innovation laboratory, by identifying, testing and scaling solutions that leverage private and public sector resources and expertise to reduce the cost and increase the reach of development improvements in India and around the world. ICICI Foundation for Inclusive Growth, ICCo Cooperation, UKAID, WISH Foundation & World Bank subsequently came on board as Program Partners. The MA aims to create significant developmental impact at the base of the pyramid population. So far, MA has funded 62 projects, dispersing close to Rs. 55,00,00,000 in its key focus sectors.

  • TRAI to play peacemaker on telecoms interconnect issues

    NEW DELHI: Telecom Regulatory Authority of India (TRAI) chairman R S Sharma yesterday said it will facilitate a meeting of telecoms companies soon with an aim to resolve the raging debate regarding interconnection issues between operators.

    Addressing an inter-active meeting of the FICCI-ICT and Digital Economy Committee here on Tuesday, Sharma said that issues can be resolved through an across-the-table discussion with the CEOs of telecom companies.

    It is learnt that the meeting was held in the backdrop of recent changes in different telecom plans after Reliance Jio unveiled a slew of disruptive marketing initiatives. The new entrant has also been claiming its subscribers were experiencing massive call-drops as incumbents were not providing adequate points of interconnect.

    As to why the industry finds itself in this position, and whether it was due to lack of proper regulation and certain licensing issues, the chief regulator refused to comment. However, he added regulations do not leave scope for ambiguity.

    Sharma spoke on a range of issues, including the 20 consultation papers released in the last 18 months, and that were in various stages of study. These, according to Sharma, were necessary for removing ambiguity in the telecoms sector, and allowing stakeholders to function in harmony.

    TRAI felt the need for consultation papers in order to bring about a comprehensive regulatory framework that will plug gaps in the system and facilitate the industry to grow seamlessly.

    Sharma told the members that, with the advent of technology such as cloud computing and internet of things (IOT), ICT was transforming every sector and telecoms players should leverage the opportunities. Earlier, technology was on the periphery, but, in the last decade, with disruptive technologies coming in, it had become a central tool, Sharma said, adding that ICT also brough with it efficiency and cost-effectiveness.

    Speaking on competition issues in general in the telecoms sector, Sharma said TRAI promoted healthy competition while safeguarding interest of the consumers as it was “paramount”.

    India, he said, already had a world-class telecom network, and with new technologies coming in, services too should become world class. India should strive for next-generation network by employing new technologies such as Loons, Solar Planes and White Spaces, he said emphasising that there was a need to harmonize issues of business interest with disruptive technologies.

    To achieve this, it was necessary to put down licensing rules, norms and quality aspects through regulation, Sharma asserted.

    Responding to queries raised by industry regarding restrictions on experimentation, innovations and use of new technologies, Sharma said TRAI was in favour of new technologies with appropriate permissions. However, he added that these technologies should be interoperable without being in silos.

  • TRAI to play peacemaker on telecoms interconnect issues

    NEW DELHI: Telecom Regulatory Authority of India (TRAI) chairman R S Sharma yesterday said it will facilitate a meeting of telecoms companies soon with an aim to resolve the raging debate regarding interconnection issues between operators.

    Addressing an inter-active meeting of the FICCI-ICT and Digital Economy Committee here on Tuesday, Sharma said that issues can be resolved through an across-the-table discussion with the CEOs of telecom companies.

    It is learnt that the meeting was held in the backdrop of recent changes in different telecom plans after Reliance Jio unveiled a slew of disruptive marketing initiatives. The new entrant has also been claiming its subscribers were experiencing massive call-drops as incumbents were not providing adequate points of interconnect.

    As to why the industry finds itself in this position, and whether it was due to lack of proper regulation and certain licensing issues, the chief regulator refused to comment. However, he added regulations do not leave scope for ambiguity.

    Sharma spoke on a range of issues, including the 20 consultation papers released in the last 18 months, and that were in various stages of study. These, according to Sharma, were necessary for removing ambiguity in the telecoms sector, and allowing stakeholders to function in harmony.

    TRAI felt the need for consultation papers in order to bring about a comprehensive regulatory framework that will plug gaps in the system and facilitate the industry to grow seamlessly.

    Sharma told the members that, with the advent of technology such as cloud computing and internet of things (IOT), ICT was transforming every sector and telecoms players should leverage the opportunities. Earlier, technology was on the periphery, but, in the last decade, with disruptive technologies coming in, it had become a central tool, Sharma said, adding that ICT also brough with it efficiency and cost-effectiveness.

    Speaking on competition issues in general in the telecoms sector, Sharma said TRAI promoted healthy competition while safeguarding interest of the consumers as it was “paramount”.

    India, he said, already had a world-class telecom network, and with new technologies coming in, services too should become world class. India should strive for next-generation network by employing new technologies such as Loons, Solar Planes and White Spaces, he said emphasising that there was a need to harmonize issues of business interest with disruptive technologies.

    To achieve this, it was necessary to put down licensing rules, norms and quality aspects through regulation, Sharma asserted.

    Responding to queries raised by industry regarding restrictions on experimentation, innovations and use of new technologies, Sharma said TRAI was in favour of new technologies with appropriate permissions. However, he added that these technologies should be interoperable without being in silos.

  • GST Constitutional Amendment Bill gets Lok Sabha nod after amendments

    GST Constitutional Amendment Bill gets Lok Sabha nod after amendments

    NEW DELHI: The long-awaited Goods and Services Tax Bill (GST), which has been riddled by several controversies which began in the time of the UPA government, has finally been passed with amendments worked out to pacify a vociferous opposition which held the majority in the Rajya Sabha.

    Although the Bill had been passed earlier in the Lok Sabha, an adamant Congress insisted on some changes which were worked out after talking to all states and the opposition parties.

    Thereafter, the amended bill had been introduced in the Rajya Sabha and passed last week. However, in view of the amendments, the amended Bill had to go through the entire rigmarole of a discussion in the Lok Sabha before it was passed unanimously.

    As the GST Bill is in the form of a Constitution Amendment, the rules required that it had to be passed by two-thirds of the members present and voting.

    The Amendment Bill will now go for Presidential assent to Pranab Mukherjee, but can become law only after it is ratified by at least fifteen state governments. The government hopes to get the approval within 30 days as it has set a deadline of 1 April 2017 for implementation of GST. Several states will have to call for special sessions to clear GST in the next 30 days.

    The Bill, which Finance Minister Arun Jaitley describes as a “one nation one tax” bill, was described by Prime Minister Narendra Modi as a major step “that will deliver us from tax terrorism.” He said “GST means a Great Step Taken by India, a Great Step of Transformation, Great Step towards Transparency.”

    Jaitley said India’s biggest tax reform will see the centre and states “pooling their sovereignty to reap the many benefits that will ultimately lead to India’s progress”. He claimed that “Tax evasion will lessen, there will be no tax on tax or a cascade of taxes and ease of doing business will improve.”

    The Rajya Sabha, where the government is in a minority, had passed the bill unanimously last week, with 203 members supporting and none against.

    Interestingly, the Congress reminded the government today that it had got the Bill passed in the Lok Sabha last year by the sheer dint of its numerical strength and not consensus.

    A GST council will be formed after that with states and the centre as members. This council will recommend rates and other modalities for GST, which will replace a raft of different state and local taxes with a single unified value added tax system turning India into world’s biggest single market.

    Parliament will need to clear two more GST-related bills and each state will have to pass its own law. The government will push to get this done in the winter session of Parliament to meet the deadline.

    FICCI President Harvardhan Neotia said: “The approval of the Constitutional Amendment Bill marks crossing of another milestone in the journey towards introduction of a Goods and Services Tax (GST) regime in the country. The industry eagerly looks forward to the implementation of this uniform and simplified tax regime. It is expected that GST will lead to easy tax compliance and improve India’s competitiveness in the global arena. Implementation of GST will be a big incentive for bringing new investments into India and eventually will foster the growth of the Indian economy. FICCI would be privileged to work with and support the Central and State Governments in enabling a timely and hassle-free roll out of GST in India”

  • GST Constitutional Amendment Bill gets Lok Sabha nod after amendments

    GST Constitutional Amendment Bill gets Lok Sabha nod after amendments

    NEW DELHI: The long-awaited Goods and Services Tax Bill (GST), which has been riddled by several controversies which began in the time of the UPA government, has finally been passed with amendments worked out to pacify a vociferous opposition which held the majority in the Rajya Sabha.

    Although the Bill had been passed earlier in the Lok Sabha, an adamant Congress insisted on some changes which were worked out after talking to all states and the opposition parties.

    Thereafter, the amended bill had been introduced in the Rajya Sabha and passed last week. However, in view of the amendments, the amended Bill had to go through the entire rigmarole of a discussion in the Lok Sabha before it was passed unanimously.

    As the GST Bill is in the form of a Constitution Amendment, the rules required that it had to be passed by two-thirds of the members present and voting.

    The Amendment Bill will now go for Presidential assent to Pranab Mukherjee, but can become law only after it is ratified by at least fifteen state governments. The government hopes to get the approval within 30 days as it has set a deadline of 1 April 2017 for implementation of GST. Several states will have to call for special sessions to clear GST in the next 30 days.

    The Bill, which Finance Minister Arun Jaitley describes as a “one nation one tax” bill, was described by Prime Minister Narendra Modi as a major step “that will deliver us from tax terrorism.” He said “GST means a Great Step Taken by India, a Great Step of Transformation, Great Step towards Transparency.”

    Jaitley said India’s biggest tax reform will see the centre and states “pooling their sovereignty to reap the many benefits that will ultimately lead to India’s progress”. He claimed that “Tax evasion will lessen, there will be no tax on tax or a cascade of taxes and ease of doing business will improve.”

    The Rajya Sabha, where the government is in a minority, had passed the bill unanimously last week, with 203 members supporting and none against.

    Interestingly, the Congress reminded the government today that it had got the Bill passed in the Lok Sabha last year by the sheer dint of its numerical strength and not consensus.

    A GST council will be formed after that with states and the centre as members. This council will recommend rates and other modalities for GST, which will replace a raft of different state and local taxes with a single unified value added tax system turning India into world’s biggest single market.

    Parliament will need to clear two more GST-related bills and each state will have to pass its own law. The government will push to get this done in the winter session of Parliament to meet the deadline.

    FICCI President Harvardhan Neotia said: “The approval of the Constitutional Amendment Bill marks crossing of another milestone in the journey towards introduction of a Goods and Services Tax (GST) regime in the country. The industry eagerly looks forward to the implementation of this uniform and simplified tax regime. It is expected that GST will lead to easy tax compliance and improve India’s competitiveness in the global arena. Implementation of GST will be a big incentive for bringing new investments into India and eventually will foster the growth of the Indian economy. FICCI would be privileged to work with and support the Central and State Governments in enabling a timely and hassle-free roll out of GST in India”