According to Union Commerce Minister Piyush Goyal, the structural changes made by the government over the past eight years would enable India to rank among the top three developed economies in the world.
Goyal remarked during a conversation on the occasion of the 27th Wharton India Economic Forum through VC that the Indian economy is about to take off as a result of several structural reforms that have occurred over the past eight years.
He cited the implementation of the GST as one of the key changes and emphasised that, despite the difficult global economic climate, recent GST revenues had been quite strong.
He said that people in India are now becoming accustomed to paying taxes and that the country’s economy is now more transparent and honest.
He claimed that the Insolvency and Bankruptcy Code (IBC) is another crucial reform step that has contributed to India’s strong banking system.
He said that the banks had been successful in supplying the means for businesses to expand.
In response to a query, Goyal stated that some of the key industries include infrastructure, semiconductors, and domestic manufacturing.
Goyal emphasised that India today has come out from under the shadow of the past while discussing India’s increased focus on establishing free trade agreements during the previous five years.
“India has recognised that multilateral engagements often lead to economic partnerships which may not be in the best interests of all the stakeholders,” he said.
According to him, it is in India’s best interests to sign balanced bilateral free trade deals that benefit both nations.
“We are engaging with like-minded countries, particularly countries with a rules-based order, transparent economic systems, and entering into agreements which are a win-win for both sides,” he said.
He said that India’s future is being rewritten with the help of structural reforms, extensive infrastructure building, digitalization, and the vast talent that India is delivering to the globe.