Reforms of past 8 years will help India emerge among top three economies: Piyush Goyal
Jan 07, 2023
New Delhi [India], January 8 : Union Minister for Commerce and Industry Piyush Goyal has said that the structural reforms taken by the government in the past eight years will help India emerge among the top three developed economies in the world.
In 2022, India overtook the UK to become the world's fifth-largest economy and is now behind the US, China, Japan, and Germany.
The Union Minister was interacting on the occasion of 27th edition of the Wharton India Economic Forum via videoconferencing on Saturday. The theme of the event was India leading innovation in the age of uncertainty.
Goyal said a lot of structural changes that have taken place in the last eight years, including GST, Insolvency and Bankruptcy Code, privatization, decriminalization of laws, simplification of compliances to enable ease of doing business, and Digital India initiatives, have had a significant impact on the way the Indian economy is poised to take off in the next 25 years.
"India has been evolving. A lot of structural changes that took place in the last 8 years have had a significant impact on the way the Indian economy is poised to take off in the next 25 years," Goyal said.
He spoke of GST as one of the important reforms and highlighted that despite the challenging global scenario recent GST collections have been very robust. Further, he also mentioned that India is now a more honest, transparent economy and people are now getting used to paying their taxes.
Responding to a question regarding which sectors are strategic priorities for the government, Goyal said that infrastructure, semiconductors, and domestic manufacturing are some of the priority sectors.
He also spoke about the government's PLI initiatives under the Atmanirbhar plan.
As part of its Atmanirbhar plan, the Government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.
