Prime Minister Narendra Modi’s aim is to double India’s share in the world market to 3.4% and for that he has spoken today of targeting double-digit GDP growth for breaking into the $5 trillion economy club.
Speaking at the foundation stone laying ceremony of a new office complex of the Ministry of Commerce in New Delhi, he has emphasized NDA government’s steps to ease the process of doing business India while maintaining the Current Account Deficit (CAD) within limits.
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From 7.7% in the last quarter of 2017-18 fiscal, now the time has come to reach a double-digit growth expansion, PM says.
PM aims to achieve the doubling of India’s share in the world trade to 3.4 % by reducing the dependence on imports in sectors like oil through domestic manufacturing.
Modi said that the country has moved on from the culture of work delay through ‘atkana, latkana and bhatkana'(obstructing, delaying and misguiding).GST not only has replaced over a dozen indirect taxes but also led to the ease of doing business, adding to a rise in the tax base.
With the registration of 54 lakh new taxpayers, the number of taxpayers will reach one crore. Before GST implementation, PM says that there were only 60 lakh indirect taxpayers. He added that under his regime Foreign Direct Investment(FDI) inflows as well as Foreign Exchange Reserves(FOREX) have recorded their highest growth.
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