According to Union Commerce Minister Piyush Goyal, India’s economy is now more transparent, and citizens are becoming accustomed to paying taxes. He said that recent tax revenues were very robust and that any reforms implemented by the government in the previous eight years, such as the good and services tax (GST), had a big influence on the economy. “India has been evolving. A lot of structural changes that took place in the last eight years have had a significant impact on the way the Indian economy is poised to take off in the next 25 years,” added Goyal.
On Saturday, the Union Minister virtually addressed the attendees during the 27th Wharton India Economic Forum via videoconference. India’s leading innovation in the age of uncertainty served as the event’s theme. According to Piyush Goyal, the Insolvency and Bankruptcy Code (IBC) was another crucial reform step that helped India develop strong financial systems. He claimed that these banks have been able to collectively offer resources for industry and infrastructure to grow.
According to the ministry of commerce, measures including privatisation, economic digitization, legal decriminalisation, and compliance simplification will enable doing business easier. “These reforms prepared India for the next 25 years and we hope to see the Indian economy among the top three economies in the world,” Piyush Goyal said.
In response to a query on the government’s strategic priorities, Goyal listed infrastructure, semiconductors, and domestic manufacturing as some of the top industries. The prime minister is focusing on developing a strong infrastructure in India, according to the commerce minister, who listed semiconductors, domestic manufacturing, and infrastructure as some of the priority sectors for the Indian economy. He continued, “Private sector is also contributing to India’s infrastructure story.”
Additionally, he discussed the Atmanirbhar Bharat scheme’s PLI initiatives. As part of its Atmanirbhar Bharat scheme, the government introduced production-linked incentive (PLI) schemes in a number of industries to increase exports, boost investments, make Indian manufacturing more competitive abroad, and decrease reliance on imports. In spite of the country’s struggles during the Covid-19 outbreak, he claimed, Indian industry stepped up to the plate and started producing personal protective equipment.