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Centre-state bodies needed in agri, digital economy, says N K Singh

“About 45% of the population is still dependent on agriculture even though agriculture contributes only 14% of India's GDP. So, I think that the philosophy of the good working of the GST Council, with some changes, can be replicated in other segments of the economy, particularly in agriculture,” Singh said at the CII Global Economic Policy Summit here.

GST council, N K Singh, GST Council for agriculture, CII Global Economic Policy Summit, Business news, Indian express, Current AffairsSingh noted that the active participation of the Indian states would be critical for meeting India’s net zero commitments. He added that minimizing the degree of risks in this transition would be a key priority area and that it is important to work out a mechanism in which the states could become active participants in the process.
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The government should look at mechanisms similar to the GST Council for agriculture, the social sector and the digital economy to foster consensus in national policy-making with states and harness the potential in these sectors, 15th Finance Commission chairman N K Singh said.

“About 45% of the population is still dependent on agriculture even though agriculture contributes only 14% of India’s GDP. So, I think that the philosophy of the good working of the GST Council, with some changes, can be replicated in other segments of the economy, particularly in agriculture,” Singh said at the CII Global Economic Policy Summit here.

Singh noted that the active participation of the Indian states would be critical for meeting India’s net zero commitments. He added that minimizing the degree of risks in this transition would be a key priority area and that it is important to work out a mechanism in which the states could become active participants in the process.

“The orderly movement from the era of fossil fuels to renewable energy is a daunting challenge,” Singh said. In the context of decarbonization, he said that the important decision to be taken would be on the kind of taxes which can be levied and the benefits these taxes would bring in facilitating decarbonisation. All taxes on fossil fuels must be designed to facilitate India’s transition to a green economy. In this context, the “changing patterns of agriculture will be central to reducing fossil fuels and helping in the green transition”, he added.

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On exports, Singh said that 80% of India’s exports come from only six states, with 22 states having negligible contributions to India’s overall exports. “Harnessing and augmenting India’s export capabilities requires incentivisation,” Singh said. He added that bringing the states which are non-participants into the picture is important while noting that the Northeastern region has significant potential in becoming a huge export multiplier.

First published on: 10-12-2022 at 04:31 IST
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