India to become 5 trillion-dollar economy by 2025
The ambitious, transformative vision that is making India one of the most favourite investment destinations in the word, said M. Venkaiah Naidu, Vice President of India, while addressing the India-Malta Business Forum organized by the Malta Chamber of Commerce and the Confederation of Indian Industry, at Valletta, Malta on 18th September 2018. Indian economy is growing at around 8%, currently and is one of the fastest growing major economies of the world, he said, adding, growth and development are vital to implement social reform and Government is taking all the measures to bring in change, transformation in every sense is the motto of this government.
The Vice President said that India is committed to build a five trillion-dollar economy by 2025, making India the 3rd largest consumer market in the world. He further said that India has climbed 30 places in the World Bank Ease of Doing Business Index this year and IMF has forecast that India will grow at more than 7 percent in 2018 and 2019, ahead of other major economies.
The Vice President said that a number of economic reforms have been undertaken by Indian Government including digitization of the economy, financial inclusion, tax reforms like Goods and Services Tax (GST). He further said that more than 326 million persons have opened bank accounts in the last four years making financial inclusion a reality. Tax base has been widened and tax compliance has increased, he added.