India set to be USD 5 trillion economy by 2025, says Kovind
New Delhi: President Ram Nath Kovind said the Indian economy is set for a surge with the GDP (gross domestic product) size expected to double to USD 5 trillion probably by 2025.
He was speaking after launching the platinum jubilee celebrations of chartered accountants’ apex body ICAI. “The Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion,” Kovind said.
The president said adherence to a fair taxation system is much more than merely providing revenue to the government, which is part of the same social contract that underpins the Constitution.
“Under this Constitution, we have given ourselves certain rights but also certain responsibilities. Taxes are what we pay to get social benefits in the form of public goods and services, health and education facilities, better infrastructure, law and order, and secure borders.
“It is crucial that this responsibility is shared by the widest possible number of citizens – whether they pay taxes directly or indirectly. It is the solemn duty of each one of us to contribute to the society that we share and the nation that we are part of,” he noted.
Noting that chartered accountants have a key role in advancing such a culture, Kovind said they are facilitators of taxpayers and of the taxation system as well as watchdogs of public trust.
Emphasising that chartered accountants are watchdogs of public trust, the president said when white-collar crimes happen, it would be relevant to ask if those responsible for auditing balance sheets have truly done their duty.
Amid rising instances of white-collar crimes and banking frauds, he said there is a fine line between intelligent tax planning, tax dodging and tax evasion, and chartered accountants are the custodians of that fine line. Kovind also said white-collar crimes don’t leave behind a smoking gun, but broken hearts and a shaken confidence.