Venka­iah: India set to be $10tn econ­omy by 2030

Hints that ini­tia­tives to im­prove Ease of Do­ing Busi­ness rank will con­tinue

DNA Sunday (Mumbai) - - INDI - DNA Cor­re­spon­dent

Mumbai: Vice Pres­i­dent Venka­iah Naidu on Satur­day said India has emerged as a bright spot in world econ­omy and hinted that reforms and steps taken by the gov­ern­ment of India to im­prove Ease of Do­ing Busi­ness will con­tinue. India has been a favoured in­vest­ment des­ti­na­tion due to the ro­bust­ness of its in­sti­tu­tions, the re­silience of its policy frame­works, the reforms ini­ti­ated by the gov­ern­ment and the re­spon­sive­ness of In­dus­try bod­ies. The size of the econ­omy is ex­pected to touch $5 tril­lion which would fur­ther dou­ble to $10 tril­lion by 2030, he said.

In his in­au­gu­ral ad­dress at the 25th CII Part­ner­ship Sum­mit here, Naidu said India was ranked 11th in the Global FDI con­fi­dence in­dex 2018. The an­nual For­eign Di­rect In­vest­ment (FDI) in­flows in the coun­try are ex­pected to rise to $75 bil­lion over the next five years, ac­cord­ing to a re­port by UBS.

The sum­mit was jointly or­gan­ised by the De­part­ment of In­dus­trial Policy and Pro­mo­tion and Ma­ha­rash­tra gov­ern­ment. The two-day sum­mit is be­ing at­tended by del­e­gates from 44 coun­tries.

The Vice Pres­i­dent also ob­served that the for­ward­look­ing tax­a­tion reforms like in­tro­duc­tion of Goods and Ser­vices Tax (GST) and im­ple­men­ta­tion of Bank­ruptcy and In­sol­vency Code have con­verted India into an in­te­grated mar­ket. India im­proved its rank by 23 po­si­tions in the World Bank’s Ease of Do­ing Busi­ness.

“The se­ries of eco­nomic and ad­min­is­tra­tive reforms un­der­taken by the In­dian gov­ern­ment have not only added more tax pay­ers but also en­abled the gov­ern­ment to bring down tax rates apart from im­prov­ing the way busi­ness is done. Var­i­ous reforms are also aimed at mak­ing the econ­omy in­clu­sive,” Naidu said.

He noted that in the present

era of com­pet­i­tive and co­op­er­a­tive fed­er­al­ism, var­i­ous states gov­erned by dif­fer­ent par­ties are com­pet­ing among them­selves in a healthy man­ner to at­tract in­vest­ments, both do­mes­tic and for­eign, by of­fer­ing in­cen­tives and con­ces­sions in dif­fer­ent sec­tors.

“Such healthy com­pe­ti­tion will make states adopt the best prac­tices and pro­mote a con­ducive busi­ness en­vi­ron­ment,” Naidu said.

Vice Pres­i­dent Venka­iah Naidu and Union Com­merce Min­is­ter Suresh Prabhu at the in­au­gu­ra­tion of CII Part­ner­ship Sum­mit 2019 in Mumbai on Satur­day

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