11 September,2016 09:05 AM IST | | Agencies
Pranab Mukherjee urges the youth to selflessly serve and defend the country in the face of peril
Cadets celebrate during their graduation ceremony at the Officer Training Academy in Chennai on Saturday
Chennai: Just retired RBI Governor Raghuram Rajan's clean-up of more than $100 billion of stressed assets on the books of banks came in for praise from President Pranab Mukherjee on Saturday.
President Pranab Mukherjee with Commandant General Bobby Mathews at the event. Pics/PTI
"Governor of RBI who has just retired, Mr Rajan, took many appropriate steps to put the system in the right direction," he said. Rajan had forced banks to recognise the true state of their bad loans.
With landmark Goods and Services Tax (GST) now a law, the President hoped the government would set up a GST Council soon and reduce cascading effect of indirect taxes.
The GST, which will transform India's $2 trillion economy and 1.3 billion consumers into a single market, has been ratified by 19-20 states after Parliament nod last month, thereby qualifying to Presidential assent, he said.
