By Accommodation Times Bureau
The Vice President of India, Venkaiah Naidu on September 18, has said that India is committed to build a five-trillion-dollar economy by 2025, making India the 3rd largest consumer market in the world. 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 per cent in 2018 and 2019, ahead of other major economies, he further added.
He was addressing the India-Malta Business Forum in the presence of the President of Malta, Marie-Louise Coleiro Preca, organized by the Malta Chamber of Commerce and the Confederation of Indian Industry, at Valletta, Malta.
The Vice President said that Indian economy is growing at around 8%, currently is one of the fastest growing major economies of the world. He further said that growth and development are vital to implementing social reform and Government is taking all the measures to bring in change, transformation in every sense is the motto of this government.
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 said.
As the World Bank has noted in its latest report, “India’s growth in recent years has been supported by prudent macroeconomic policy: a new inflation targeting framework, energy subsidy reforms, fiscal consolidation, higher quality of public expenditure and a stable balance of payment situation. In addition, recent policy reforms have helped India improve the business environment, ease inflows of foreign direct investment (FDI) and improve credit behaviour”, he said in his speech.
India has seen a strong global confidence in the India story with a surge in Foreign Direct Investments which reached over the US $ 62 billion in 2017-18. We have a TRIPS-compliant IPR regime and our multi-party democracy ensures essential stability and predictability.