Currently, India's share in global agricultural output stands at 7.68 per cent, and it is easy to fathom the pivotal role this sector plays in the country. India has always been an agrarian economy, with the agriculture sector contributing nearly 17.9 per cent to its gross domestic product, as per the Planning Commission statistics of 2014.
The currency of a country is as individualistic and unique a symbol of its economy as its national flag, which marks its independence and sovereignty. On account of the fact that different countries have their own geopolitical, religious and demographic background, the contours and nuances of their economy are likely to vary from one another, depending upon the needs, requirements, priorities and preferences of the government and people of those countries.
Termed as historic, the passage of Goods and Services Tax or GST Constitution Amendment Bill in Rajya Sabha will not only unite the country with one taxation rate but also empower states and increase their revenues.