Located in the centre of the country, Madhya Pradesh will become a supply hub for companies transporting goods once the Goods and Services Tax (GST) is implemented making the country one big marketplace, Finance Minister Arun Jaitley said on Saturday.
Addressing the 5th Madhya Pradesh Investment Summit in Indore, Jaitley said the GST will hopefully be implemented by next year which will make the country one big marketplace.
“Once the GST rolls out, hopefully by next year, India will become one big market. Companies transporting goods from north to south and east to west will need a hub at the centre,” Jaitley said on the first day of the two-day summit that aims to attract global investment.
“Madhya Pradesh is suitable located to become a supply hub,” he added.
At the summit, the state government will present a report card on the status of investment commitments made at the four previous such investor gatherings.
In the 2007 summit, MP signed investment agreements worth $18.3 billion and the investment commitment doubled to $36 billion at the next summit in 2010 and further to $44 billion in 2012. The last meeting in 2014 saw signing of agreements worth $66.1 billion.
Madhya Pradesh has been one of the fastest growing states in India, recording an average annual growth of 9.5 per cent in its gross state domestic product (GSDP) from 2013 to 2015. The growth rate in 2015-16, was 10.5 per cent against the national growth of 7.3 per cent.
Over 3,000 delegates including 500 from five partner countries—the UK, Japan, South Korea, Singapore and United Arab Emirates—are attending this year’s summit.