New Delhi: Prime Minister Narendra Modi, who outlined the economic reforms of the Indian government, said India has the ability to pull the world out of its slow economic growth.
Modi also recently announced reforms of goods and services (GST) would be completed Diwali and that the independent nation would be the basis of developed India.
The Prime Minister, who notes that India is the fastest growing major economy in the world, added that the Indian will soon become the third largest economy in the world.
“The leading mantra reform, performance, transformation, India today is in a position that helps to raise the world from slow growth. India carries strength to even bend all time.” Modi said he addressed the forum Et World Leaders forum on Saturday.
He added: “If we look at the global context, India’s strong economy is obvious. Today, India is the fastest growing major economy in the world. We are going to become the third largest economy in the world very soon. Experts suggest that India’s contribution will be global growth.”
The Prime Minister also called on the private sector to increase his investment in research and development (research and development). “Today’s demand is that the industry and the private sector step forward, especially in areas such as clean energy, battery storage, advanced materials, quantum technology and biotechnology, and expand their research work.”
Modi added that urgency is needed in the field of research.
Modi, who spoke about the planned rationalizations of GST, said: “The GST is the main reform to be completed by this Diwali, which GST simplifies and reduces prices.”
In a large general repair of the structure of the tax on multiple goods and services (GST) the central government proposed to eliminate 12% and 28% of the boards, including the reform of the Indian indirect tax regime, which is expected to stimulate economic growth.
The Mint previously said that, according to the proposal, most products and services attracting a tax rate will be 12% and 28% move to 5% and 18% of the board. Several items in 28% of the holder – the highest – will be moved to a new 40% board that will cover only a few “sinful goods”, such as tobacco products.
GST advice will meet on 3.-4. September in Nový Delhi to consider reducing tax rates, so consumers are planning to buy during the upcoming festival season.
In terms of reforms and economic growth, Modi: “We proceed forward with the aim of quantum jump, not only incremental changes.”
He also emphasized growth in the area of space and energy in the ground and noted that India could have its own space station in the future.
“This year’s budget assigned a £1,000 Fund of Risk Capital Crore to support universe startups. In 2014, only one launch of the space in India. Today this number has grown to more than 300. The day is not far away when India will have its own space station in orbit. ”
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