New Delhi, Apr 4 : India has remained the fastest growing economy despite a few hiccups and poverty can be reduced if this growth rate is maintained for the next decade, Union Finance Minister Arun jaitley said on Thursday.
“India has remained the fastest growing economy despite a few hiccups, and if we maintain this rate of growth for the next decade or so, we can reduce poverty to negligible levels, Mr Jaitley said while speaking at the two-day CII annual session 2019 with the theme of ‘India 5.0: India@75 and Beyond’.
“We are at the cusp of history,” he emphasized.
The Minister said the mindsets need to change and the enrichments derived from moving towards a market based reform model and expanding economy needs to be utilized for eliminating poverty, pushing infrastructure and supporting the economically weaker sections of the society.
“The middle and neo-middle class are expected to emerge as the key growth drivers, going forward. As this emerging class grows in size, we can further accelerate our growth, by relying on domestic consumption, irrespective of the global scenario,” he added.
Mr Jaitley said over the past four years, the government has reduced the tax slabs for various items of consumption by the middle-class. In addition, the increase in tax collection due to better compliance has been utilised for funding numerous schemes aimed at the welfare of this class.
CII president Rakesh Bharti Mittal said: “Today, we see India as standing at the cusp of the fifth chapter of its development narrative.”
Mr Mittal further outlined the five key elements of industry’s renewed vision for India@100, including Parity & Prosperity, Frontier Knowledge Dominance, Exemplar of Sustainable Development, Geostrategic Superpower, and Voice for Values. Achieving this will require the proactive participation of all key stakeholders.
During the session, the CII President’s Award for Lifetime Achievement 2018-19 was conferred upon former CII president Jamshyd Godrej for his contribution towards the good of industry, for communities and for the environment at large. (UNI)