Skip to main content

PM pitches for double-digit GDP growth, raising India's share in world trade

By
 PM pitches for double-digit GDP growth, raising India's share in world trade
Prime Minister Narendra Modi today called for targeting double-digit GDP growth for breaking into the USD 5 trillion economy club and said India's share in world trade has to more than double to 3.4 per cent.
Speaking after laying the foundation stone of Vanijya Bhawan, a new office complex of the Ministry of Commerce here, he said his government has in four years taken steps to ease the process of doing business in India while maintaining macroeconomic indicators like inflation, current account deficit (CAD) and fiscal deficit within limits.After scaling these positive macroeconomic indicators, what next, the Prime Minister asked.
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."The need of the hour is that we should work towards achieving the target of double digit growth from 7-8 per cent," Modi said, adding the world is watching as to when India will break into the USD 5 trillion economy club by doubling its economy.The Prime Minister emphasised the need for increasing exports and said that states must be made active partners in this effort.
He said the Department of Commerce must resolve to raise India's share in total global exports to at least 3.4 percent, from the current 1.6 per cent.Similarly, he said, efforts must be made to raise domestic manufacturing output to reduce the dependence on imports. In this context, he gave the example of electronics manufacturing.The Commerce Ministry as well as trade and industry should take up the challenge of double-digit GDP growth and doubling India's share in global trade, he said.
Listing out the achievements of his government, he said the country has moved away from a culture of delaying work through 'atkana, latkana and bhatkana' (obstructing, delaying and misguiding).The Goods and Services Tax (GST), which replaced over a dozen indirect taxes from July 1 last year, has led to not just ease of doing business but also an increase in the tax base, he said.
Modi said 54 lakh new taxpayers have sought registration under the new regime, taking the number of indirect tax payers to over one crore.This compares to 60 lakh indirect tax payers in the pre-GST era, the Prime Minister said.Foreign direct investment inflows as well as foreign exchange reserves are at record highs, he added.Modi also expressed confidence that Vanijya Bhawan will be completed well within the stipulated time.He emphasised that this would be in keeping with the spirit of 'New India' and moving away from old practices, under which important building projects, even in the capital, had been inordinately delayed.
In this context, Modi mentioned the Dr. Ambedkar International Centre, Dr. Ambedkar National Memorial, the Pravasi Bharatiya Kendra and the new office building for the Central Information Commission.This, Modi said, is also the result of breaking silos within the working of the government.

The Business Standard, New Delhi, 23rd July 2018

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more