India aims to be fastest-growing large economy for another 20 years says Piyush Goyal

Piyush Goyal, Minister of Commerce & Industry, Government of India stated that India aims to be the fastest-growing large economy for another 20 years. He noted the IMF's increased GDP growth forecast to 6.6 per cent and India's consistent performance. The Minister highlighted that the IMF has revised India?s growth projection for 2025 upward from 6.4 per cent to 6.6 per cent. He added that in the last 12 years, 250 million Indians have been lifted out of poverty, creating a strong and aspirational middle class that now drives the nation?s consumption and growth story. Goyal underlined that under the leadership of Prime Minister Modi, India?s growth story rests on three strong pillars. The first pillar is creation of robust macroeconomic fundamentals; second pillar is focused on taking modern, high-quality infrastructure to remotest corners of the country and the third pillar includes improving the quality of life of the people. The Government has maintained low inflation, ensured consistent growth, fortified the banking system, and built one of the strongest foreign exchange reserve positions in the world. The government has also reduced the income tax burden on the middle class and simplified the Goods and Services Tax (GST) system to make business processes easier.

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