Since the revolutionary GST regime came into effect from July 1 last year, Modi today acclaimed that as many as 54 lakh new indirect tax payers have been registered. Also, in the economic report card for the period in which he remained in power i.e. from 2014 to till date, new records have been reached at both FDI and forex levels.
Narendra Modi exuded his confidence and said that the country needs to realize double digit growth. As of now, the country ranks as the seventh largest economy with respect to GDP at $2.3 trillion and it now needs to bag the $5 trillion mark. The Prime minister was speaking on the sidelines of the stone laying ceremony of new Commerce ministry building.
Modi said that while maintaining the several macro-economic factors such as the current account deficit within the targeted levels, the GDP growth rate for the last quarter of the fiscal year ranged between 7-8% and now they should look beyond this growth trajectory and aim at double-digit growth.
The twin disruptions could even not stop the GDP growth and in fact attained stellar growth even when private investments remained low but higher investments in manufacturing and construction spurred the activity.
As of now some of the economies leading India include, the US, China, Japan, Germany, France and the UK.