The Union Home Minister Rajnath Singh on Monday said that economic reforms undertaken by the Government under leadership of the Prime Minister Narendra Modi during the last four years will push India among the world’s top economies.
Inaugurating the National Traders’ Conclave, organised by the Confederation of All-India Traders here on Monday, he said that in the year 2014, according to a survey by a reputed consultancy, India was ranked ninth among the world’s top ten economies and has raced ahead of France to emerge as the top sixth.
“I am confident, as economists predict, that in the next two-three years India’s economy will be among the top five. With this pace of GDP growth, by 2030 we will break into the world’s top three economies”, Mr Singh said.
“India is the most attractive destination for foreign investors and received more than 150 billion US dollar FDI in last four years. In ‘Ease of Doing Business’, the country’s ranking has improved from 142 to 100. Besides, the manufacturing sector has got a fillip with the ‘Make in India’ programme. In 2014, while there were only two mobile phone factories in India, today we have 120 handset manufacturing units,”Mr Singh added.
The Home Minister said the PM Modi has initiated key structural and procedural reforms in the economy.
“You don’t need an economist to steer the country; you only need a realist visionary to realise the potential of our economy,” he said.
Stating that the GST rates have recently been slashed on several items and that many items have been brought under zero percent and 5 per cent slabs, Rajnath said the Government is open to further review of the slabs.
“Out of 6.5 crore traders and shopkeepers, around 1.25 crores have registered under the GST. As per the Economic Survey, during the one year, November, 2016-2017, more than 1.15 crore returns have been filed. GST is a major taxation reform in the country where only 6.10 crore people are under the taxation regime out of a population of more than 130 crores”, The Minister further said.
Underlining that the traders are a strong pillar in the country’s economy, he sought the cooperation of the trading community to realise PM Modi’s dream of doubling India’s economy by 2022.
“There are 6.5 crore retail traders in the country; government wants to strengthen the trading system”, Rajnath Singh added.