Modi seeks double-digit growth for India's entry into $5-trn economy club

Prime Minister on Friday spoke of targeting double-digit GDP growth for breaking into the $5 trillion economy club and said India's share in world trade has to be doubled to 3.4 per cent.

Speaking after laying the foundation stone of a new office complex of the Ministry of Commerce, he said his government has in four years taken steps to ease the process of doing business in India while maintaining macroeconomic indicators like (CAD) within limits.

He said GDP growth touched 7.7 per cent in the last quarter of 2017-18 financial year but now the time has come to look beyond 7-8 per cent growth and target double-digit expansion.

The world, he said, is watching as to when India will break into the $5 trillion economy club by doubling its economy.

Also, the government is targeting doubling India's share in world trade to 3.4 per cent, he said, stressing on reducing dependence on imports in sectors like oil through domestic

Listing out achievements of his government, he said the country has moved away from a culture of delaying work through 'atkana, latkana and bhatkana' (obstructing, delaying and misguiding).

The (GST), which replaced over a dozen indirect taxes from July 1 last year, has led to not just but also rise in tax base, he said.

Modi said 5.4 million new taxpayers have sought registration under the new regime, taking the number of indirect tax payers to over one crore.

This compares to 6 million indirect taxpayers in the pre-era, the Prime Minister said.

Foreign direct investment inflows, as well as foreign exchange reserves, are at record highs, he added.

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