Prime Minister Narendra Modi on Friday said that under the Goods and Services Tax (GST), 54 lakh new indirect taxpayers have been registered since it was launched about a year ago. Given the report card on the Indian economy, the prime minister said that the macroeconomic fundamentals of India are strong and that Foreign Direct Investments (FDI) and foreign exchange reserves in four years of his government touched at record highs.
Reiterating that India needs to achieve double-digit growth, Narendra Modi said that it is necessary to break into $5 trillion economy club. India is currently the seventh largest economy in terms of GDP with $2.3 trillion. Narendra Modi was speaking at the foundation stone laying ceremony of new Commerce Ministry building.
The prime minister said that his government has in four years taken steps to ease the process of doing business in India while maintaining macroeconomic indicators like current account deficit (CAD) within limits. He said GDP growth touched 7.7 per cent in the last quarter of 2017-18 fiscal but now the time has come to look beyond 7-8 per cent growth and target double-digit expansion.
Despite a slow beginning on account of disruptions from two major structural changes — GST and demonetisation –, the GDP growth in the fourth quarter of FY19 surprised everyone by registering a stellar growth on the back of higher investments in construction and manufacturing even as private investments remained subdued.
The world, Narendra Modi said, is watching as to when India will break into the $5 trillion economy club by doubling its economy. India is currently behind the United States, China, Japan, Germany, France, and the UK. Listing out achievements of his government, Narendra Modi said the country has moved away from a culture of delaying work through ‘atkana, latkana and bhatkana’ (obstructing, delaying and misguiding).