Sunday, December 3, 2023

“India Will Be 3rd Largest Global Economy By 2027”, Says HM Amit Shah

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Union Home Minister Amit Shah during his address at the 118th Annual Session of the PHDCCI held at Vigyan Bhawan, shared his strong belief that India is poised to become the world’s third-largest economy by the year 2027. He urged the industrial sector to focus on bolstering research and development efforts, particularly in the context of Micro, Small, and Medium Enterprises (MSMEs) to elevate them to a world-class status.

Union Home Minister Shah commenced his speech by highlighting recent achievements including the successful G20 Summit, Chandrayaan-3 mission, and the Mission Aditya L-1 mission. He also acknowledged the passage of the women’s reservation bill, which he emphasized has injected renewed vigor into the nation.

Reflecting on India’s journey of 75 years since gaining independence, HM Amit Shah underscored the deepening roots of democracy within the country. He reminded that in 2014, India stood at the 11th position in terms of its economic size, but it has since ascended to become the world’s fifth-largest economy.

Home Minister Shah provided insights into the government’s endeavors to fortify the Indian economy. He noted that India’s Gross Domestic Product (GDP) has surpassed 3.75 trillion USD, with a capital expenditure of Rs 10 lakh crore earmarked to stimulate growth. He also highlighted the positive trends in bad debt tax recovery.

With reference to tax collections, the Home Minister mentioned the significant achievement of GST collections which reached Rs 1.87 lakh crore in April. He further disclosed that the average collection for the fiscal year 2023-24 has consistently remained at Rs 1.69 lakh crore.

Drawing from Prime Minister Narendra Modi’s mantra, “Yahi Samay Hai, Sahi Samay Hai” (This is the time, the right time), HM Shah called upon industries to expand their size and scale, emphasizing the pivotal role that organizations like PHDCCI can play in facilitating this transformation.

HM Shah stressed that a heightened focus on research and development is key to elevating Indian industries to global excellence. He expressed unwavering confidence that India will soon establish itself as a leading global destination for education.

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