Amid the buzz that India’s aim of being a $5 trillion economy seems challenging, Prime Minister Narendra Modi on Friday said that the target is achievable as the government has set a strong base. The government has taken all-round measures to develop the economy and even the industry is giving a strong response for the $5 trillion target, Narendra Modi said at the inaugural session of 100 years of ASSOCHAM. The government checked and brought discipline to the economy which was headed towards disaster 5 to 6 years back, Modi also said, adding that the government aims to both formalise and Indianise the economy.
Speaking further, Modi said that the government has incorporated various suggestions from the industry to the GST structure and brought about many improvements. India now has a government that listens to farmers, laborers, and the corporate world, he added. The government is now moving towards faceless assessment to bring transparency, efficiency, and accountability in the tax system, PM Modi said.
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The Indian eonomy is undergoing a slowdown on account of both domestic and global factors. The GDP growth for Q2FY20 was recorded at a dismal 4.5 per cent. The government has announced a host of measures in the past few months to tackle the slowdown. Menawhile, the IMF chief Gita Gopinath recently expressed reservations on the same and said that the goal is extremely challenging. India’s dream to become $5 trillion economy is a good aspiration, but it is extremely challenging to reach, mathematically, she said at India Economic Conclave. “It would require India to grow in nominal dollar terms at a 10.5% each year for the next five years, and for the last six years, India grew in dollar terms by 6%,” she added.
Source: Financial Express