Reforms of last 8 years will help India emerge among top 3 global economies: Goyal

Goyal said, “India is evolving. A lot of structural changes that have happened in the last 8 years have a significant impact on the way the Indian economy grows over the next 25 years.” The minister was speaking through video conferencing on the sidelines of the 27th edition of the Wharton India Economic Forum on Saturday.

Speaking about the reforms, the Union Minister said that GST, Insolvency and Bankruptcy Code, privatization, demonetisation of laws, simplification of compliance to enable ease of doing business were some of the initiatives taken by the government which had a significant impact along the way Is kept. The Indian economy is set to take off in the next 25 years.

India is set to overtake the UK to become the world’s fifth largest economy in 2022 and is now behind the US, China, Japan and Germany.

Speaking specifically about GST, he said that it is one of the important reforms and highlighted that the recent GST collections have been very strong despite the challenging global scenario. “India is now a more honest, transparent economy and people are getting used to paying their taxes now,” he added.

Responding to a question on which sectors are strategic priorities for the government, Goyal said infrastructure, semiconductors and domestic manufacturing are some of the priority sectors.

He also told about the PLI initiative of the government under Atmanirbhar Yojana.

As part of its Atmanirbhar plan, the government has introduced production-linked incentives in various sectors to make Indian manufacturers globally competitive, attract investments, increase exports, integrate India into global supply chains and reduce import dependence. (PLI) schemes were launched.

(with inputs from agencies)