Prime Minister Narendra Modi on Friday said that India’s aim of being a $5 trillion economy seems challenging but the target is achievable as the government has set a strong base.
With the rising strong response from the industry, the government has taken all-round measures to develop the economy for the $5 trillion targets. The latest news drops down form Narendra Modi at the inaugural session of 100 years of ASSOCHAM.
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The idea behind the government formalising & Indianizing the economy came from the government that checked and brought discipline to the economy.
According to Prime Minister Modi, the economy which was headed towards disaster 5 to 6 years back was tweaked towards the betterment
ASSESSMENTS, PROVISIONS & FACTORS
Speaking further, Modi said that the government has incorporated various suggestions from the industry to the GST structure and brought about many improvements.
Modi speaks of a time now, that India as a government listens to farmers, labourers, and the corporate world. The government is now moving towards faceless assessment to bring transparency, efficiency, and accountability in the tax system, PM Modi said. And most importantly transparency.
The banks are free to take bold decisions and the right business decisions won’t be questioned, he added. On measures taken to ease labour laws, Modi said that the government is ensuring that there won’t be any action against genuine commercial failures.
Modi also said that he is confident that the Indian economy will come out stronger from the slowdown.
From 142 rank, India has climbed to 63rd position in three years, he said. Modi said many provisions of the Companies Act have been decriminalised and work is on to bring in more provisions.
THE ECONOMIC SLOWDOWN
The Indian economy is undergoing a slowdown on account of both domestic and global factors. The GDP growth for Q2FY20 was recorded at a dismal 4.5 per cent.
The government has announced a gamut of measures in the past few months only to tackle the slowdown.
Meanwhile, the IMF chief Gita Gopinath recently expressed reservations on it and said that the goal is extremely challenging.
India’s dream to become $5 trillion economies is a good aspiration, but it is extremely challenging to reach, mathematically, she said at India Economic Conclave.
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