Let’s work to make India 5 trillion dollar economy: PM Modi

RSTV Bureau
PM Narendra Modi (File Photo)

PM Narendra Modi (File Photo)

Laying the foundation stone of new office complex of the Ministry of Commerce this morning, Prime Minister Narendra Modi stressed of targeting double-digit GDP growth for breaking into the USD 5 trillion economy club. He also lauded the growth of India’s share in the world trade, which has now doubled to 3.4 per cent.

“The 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,” the Prime Minister said.

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 world, he said, is watching as to when India will break into the USD 5 trillion economy club by doubling its economy.

The government is targeting doubling India’s share in world trade to 3.4 per cent, he said, stressing on reducing dependence on imports in sectors like oil through domestic manufacturing.

Listing out achievements of the NDA government, he also took a swipe at the previous governments saying 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 rise in tax base,” he said, adding 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.

Located near India Gate, the complex is being built on a plot of 4.33 acres, belonging to erstwhile Directorate General of Supplies and Disposals (DGS&D). It said the building, which will accommodate about 1,000 officers and other staff, is going to be environment friendly.

It will be a completely paperless office with modern facilities such as smart access control, video conferencing and completely networked systems.

The department is currently housed in Udyog Bhawan, which also has large number of other ministries leading to constraint of space.

(With inputs from PTI)