00:00Are you surprised that India has done this and will have an overall impact on its economy, do you think?
00:06I'm not terribly surprised. Prime Minister Narendra Modi has talked about sort of streamlining the GST, the goods and services tax.
00:14And a lot of people, a lot of outsiders and insiders think that the establishment of this GST is one of his greatest accomplishments in office.
00:23It replaced eight years ago, it replaced the whole series of state by state taxes.
00:28It made doing business across state lines in India very, very difficult.
00:33So the introduction of this tax was hailed across the world.
00:38There were four tranches, four different tax bands. He has now cut that to two.
00:42Now, he has been talking about that for a while, but the extent to which the things that are going into the lower tax band is a little bit surprising.
00:51And it does feel like an attempt to get the Indian consumer spending and perhaps replace some of the activity that's lost to those Trumps applied by Donald Trump.
01:03So the more the comment is, let's see, let's see.
Be the first to comment