Vice President of India Venkaiah Naidu has opined that there should be an equitable distribution of prosperity and the fruits of development which should reach the poorest of the poor.
Addressing a large number of delegates at the inaugural session of CII Partnership summit-2018 in Visakhapatnam, he said, key structural reforms of Government of India like the implementation of demonetization and GST led to an expansion of the formal economy and brought about increased tax compliance.
He further said, as a result of reforms, the number of people, who had filed Income Tax returns increased from 6.47 crore in 2014-15 to 8.27 crore at the end of 2016-17.
He said, the long-term advantages will definitely outweigh the short-term hiccups emerged due to GST and demonetisation as the economy is on the track to achieve a higher growth in the coming days.
Around 230 delegates from 16 countries are participating in the three-day summit.