Declining economy needs 'major surgery', govt must relook GST: Moily

The declining economy needs "major surgery" and the government should take measures for remonetisation while also having a relook at the GST, senior Congress leader Veerappa Moily said on Saturday. His remarks came after official data released on Friday stated that India's economic growth slipped further to hit an over-six-year low of 4.5 per cent in the July-September quarter.

Industrialists and traders who are the main players in the Indian economy have been in fear of distress, the former Union minister said in a statement. Even though the government from time to time has taken some nominal measures for correcting the course of the economy, none of them have had any impact. Consequently decline in employment and many other sectors has been sharp and these never recovered, he said.

"There is a need to take drastic measures to restore the confidence by making major surgery over the declining economy. Government while taking measures of remonetisation will also have to take a relook at the GST," Moily said.