GST 2.0: Prof. Sinha Advocates for ‘Swadeshi Grow, Multinational Go’

Seraikela: Former Rajya Sabha MP Prof. Rakesh Sinha said on Saturday that the primary objective of GST Reform 2.0 is to realize the vision of “Swadeshi Grow and Multinational Go.” Speaking at the conclusion of a two-day National Conference at the Institute for Education, Seraikela, he explained that this strategy aims to strengthen the national economy by prioritizing indigenous products.

The conference, organized in collaboration with the Indian Council of Social Science Research (ICSSR), New Delhi, brought together academicians and experts to discuss the “Impact of GST Reforms on Rural & Urban Livelihood and Employment.”

GST: The Backbone of the Economy — Prof. Rakesh Sinha

During his keynote address, Prof. Sinha highlighted the historical background of economic reforms and asserted that GST now serves as the foundation of India’s economy. He explained how the government classifies goods into “Merit” and “Demerit” categories, imposing higher taxes on harmful items like tobacco while keeping essential medicines and food items either tax-free or at minimal rates.

He added that the government recently slashed GST rates to promote renewable energy, aligning with the broader goal of fostering domestic industries over multinational dominance. Addressing the 43% of the population linked to farming, he characterized the current era as a golden age for agricultural growth and emphasized that the identity of Jharkhand’s people remains inseparable from Jal, Jangal, and Zameen.

GST Balances Rural-Urban Economies — Prof. Sanjay Kumar Jha

Prof. (Dr.) Sanjay Kumar Jha, Vice-Chancellor of Ramchandra Chandravanshi University, Palamu, said that GST has successfully overhauled the national trade structure. He noted that the reform has not only benefited urban traders but has also significantly increased employment opportunities within rural sectors.

Govt Schemes and Education Priority — Dr. Vibha Pandey

Dr. Vibha Pandey, Deputy Director of the Department of Higher and Technical Education, Jharkhand, praised the initiative of hosting a high-level academic summit in a rural setting. She informed participants that the state government actively provides scholarships to NET and JET-qualified students and confirmed that the department is currently recruiting to strengthen higher education institutions.

Need for Digital and Financial Literacy — Dr. Ranjit Prasad

Dr. Ranjit Prasad, Syndicate Member of Kolhan University, observed that India must still improve its digital and financial literacy levels. He suggested that authorities should take awareness programs directly to villages to encourage cottage and small-scale industries through better digital access.

Inauguration and Release of Reports

The program commenced with a traditional lamp-lighting ceremony led by Director RN Mahanty, Conference Convener Prof. (Dr.) Shukla Mahanty, Chairperson Kinsuk Mahanty, and Principal Dr. Sweety Sinha. The dignitaries also released a research journal titled ‘Emerging Frontiers in Artificial Intelligence and Sustainable Technologies.’

Technical Sessions and Research Presentations

The conference concluded with three intensive technical sessions:

• Session 4: Focused on prices and consumption, chaired by Prof. Pingali Venugopal (XLRI).
• Session 5: Explored the business environment and local development, chaired by JB Komrai (BHU).
• Session 6: Deliberated on policy lessons and future roadmaps, chaired by Dr. Manish Jha (NIT Jamshedpur).