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India will be a $5 trillion economy by 2025: Modi

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New Delhi :Prime Minister Narendra Modi said that his government will continue to take tough decisions and expressed hope that the size of the Indian economy will double to $5 trillion in the next five-seven years.
The contribution of manufacturing and agriculture would be $1 trillion each, he said, while laying the foundation stone of India International Convention and Expo Centre (IICC) in New Delhi.
Modi travelled by the Airport Express Metro to reach the venue of the foundation stone laying ceremony at Sector 25, Dwarka.
Metro officials said the ride was completed in 14 minutes.
He also travelled back from Dwarka Sec-21 to Dhaula Kuan station in the metro, boarding at 4:39 pm and de-boarding at 4:54 pm,” the official said.
In the train, people were surprised to see him and the prime minister obliged many passengers as they took selfies with him.
“I want to assure you that in the public interest, we have taken tough decisions and this will continue,” he said, adding India’s economy is gaining strength despite global challenges.
The economy, he added, is growing at over 8 per cent and in the “next five-seven years, size of the economy will touch $5 trillion and will rise further to $10 trillion in the next decade”.
Modi further said that the government has recently taken a decision to merge Dena Bank, Vijaya Bank with the Bank of Baroda.
“What is the need of dozens of public sector banks. We have been listening to this debate for years but no one took steps in that direction,” the prime minister said, adding the government has also merged banks with SBI and has now decided to merge three more state-owned banks.
Referring to the government’s Make in India initiative, he said India has become a hub of mobile phone manufacturing, which has provided employment to 4-5 lakh youth in the last four years and has helped the country save Rs 3 lakh crore foreign exchange.
The government, Modi said, is preparing district-level plans to promote ease of doing business so that they can increase their contribution to the national gross domestic product.
Tourism sector too has recorded healthy growth and has created job opportunities for youth, he added.
Talking about the Rs 25,703-crore convention centre, the prime minister said it would help create jobs for 500,000 youths.
He said that several countries have emerged as a hub for conference tourism but in India, nobody has thought in this direction.
Now, the government is working in this direction and developing this convention and expo centre with a sitting capacity of 10,000 people, he said, adding this centre would reflect India’s economic progress and rich cultural heritage.
He also said it is a part of the government’s vision which gives importance to world-class infrastructure, and ease of doing business.
He added that this government has built the longest tunnel, the longest gas pipeline, the largest mobile manufacturing unit, and electricity to every household among many others projects.
The centre would help in promoting startups, industries, improve ease of living for people and the MSME sector.
The facilities provided at the centre will be at par with the best in the world in size and quality, offering setting for international and national events, meetings, conferences, exhibitions and trade shows.


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Cabinet clears setting up of centralised GST appellate authority

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New Delhi: The Union Cabinet on Wednesday approved setting up of a centralised Appellate Authority for Advance Ruling (AAAR) under the goods and services tax that would decide on cases where there are divergent orders at the state level.

The setting up of a centralised AAAR would require amendments to the GST Acts. The centralised authority as an appellate body will only take up cases wherein the Authority for Advance Ruling (AAR) of two states have passed divergent orders.

The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, and comprising state counterparts, in December decided to establish the centralised AAAR.

 

“The Cabinet has cleared the GST appellate authority,” a source said after the meeting of the Cabinet headed by Prime Minister Narendra Modi.

In view of the confusion created by contradictory rulings given by different AARs on the same or similar issues, the industry had been demanding a centralised appellate authority that could reconcile the contradictory verdicts of different AARs.

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Urbanisation to be big driver of Indian economic growth: Kant

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Davos: Urbanisation will be a big driver of economic growth in India going forward, supported by favourable macroeconomic factors, accelerated infrastructure building and continuing reforms, NITI Aayog CEO Amitabh Kant said.

Speaking here at an event on sidelines of the World Economic Forum Annual Meeting, he also said the Indian economy may even exceed the IMF growth forecast of 7.5 per cent for the country.

Kant said IMF has forecast 7.5 per cent growth for India despite a gloomy outlook for the global economy and this itself is good, though there are expectations that this estimate would be surpassed. He said India is giving a big push to urbanisation with more than 100 smart cities being developed.

 

The country is also using technology in a big way to change the way business and governance is done, he added. Besides a massive infrastructure building is happening, bank credit flow has rebounded and macroeconomic factors like inflation and fiscal deficit are also being supportive, Kant said.

DIPP Secretary Ramesh Abhishek noted that states are competing with each other to attract investments and all political parties have adopted the economic reform process. He listed various reform initiatives undertaken in India, including on areas like ease of doing business, FDI, manufacturing and taxation.

They were speaking at Institutional investors’ breakfast roundtable, organised by the industry chamber CII and Kotak Mahindra Bank. Other participants included CII Director General Chandrajit Banerjee and leaders from Indian and foreign companies.

On questions about some persisting issues in doing business including on tax and insolvency related issues, Abhishek said a lot of efforts have been put in to remove all bottlenecks and starting a business doesn’t take more than a day. Besides, special provisions have been made for startups and angel investors, he added.

Kant said efforts are also being made to remove all physical intervention and digitise the entire process of inter-ministerial and inter-department consultations to fast-track the decisions.

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India will surpass China, says Raghuram Rajan

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Davos: India will eventually surpass China in economic size and will be in a better position to create the infrastructure being promised by the Chinese side in South Asian countries, former RBI Governor Raghuram Rajan said.

Addressing a session on Strategic Outlook for South Asia, Dr Rajan said that the Indian economy would continue to grow while growth rate is slowing down in China.

“Historically, India had a bigger role in the region but China has now grown much bigger than India and has presented itself as a counter-balance to India in the region,” Dr Rajan said at the WEF Annual Meeting 2019.

 

“India will become bigger than China eventually as China would slow down and India would continue to grow. So India will be in a better position to create the infrastructure in the region which China is promising today. But this competition is good for the region and it will benefit for sure,” he said.

The comments assume significance with China working on a lot of infrastructure projects across the region. In 2017, India became the sixth largest economy with a GDP of $2.59 trillion while China was the second large with a GDP of $12.23 trillion.

At the same session, Nepal PM K.P. Sharma Oli cited collaboration with China as well as India as reasons for the economic growth.

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