Growth of Indian Economy
Boasting of being one of the fastest growing economies in the world — India has flourished on various levels, enhancing its global stature and how! Fundamentally, the success of a nation’s commerce holds a mirror to its overall progress. And who knows this better than us!
With an estimated GDP (PPP) of $13,716 bn, Indian economy is expected to rank at the third position in the world by 2030. Additionally, the Central Statistics Organisation (CSO) and International Monetary Fund (IMF) show that the country is likely to emerge as one of the top three economic powers of the world in the next 10-15 years.
Talking about nominal GDP and the purchasing power parity (PPP), Indian economy is the world’s sixth-largest and third-largest economy, respectively. With $1723 per capita GDP (nominal) and $6,616 per capita GDP (PPP) in 2016, the country set great records back then.
Surpassing China as the world’s fastest growing economy, the country made headlines around the globe. Over the last few months, India has witnessed a significant increase in registered indirect and direct taxpayers. The number of indirect taxpayers has almost doubled during these months.
Apparently, India’s export structure is way more egalitarian than other large countries. With an annual growth rate above 9%, the country has one of the fastest growing service sectors in the world.
“Apart from this, the revolutionary steps by the government for ensuring the ease of doing business, have established India as an investor-friendly destination,” quips the well-known industrialist Sanjay Dalmia, who takes great pride in being an Indian.
‘Indian’ is not just a nationality; it’s an honour. I believe that an eternity would pass if we start discussing the wonder called India,” adds the maverick entrepreneur.
Various revolutionary moves that dominated India’s economic landscape since the past few years have helped in elevating the country’s economic stance significantly. Sanjay Dalmia reckons Goods and Services Tax (GST) as a robust move to eliminate the haphazard tax structure plaguing the country.
“It has established a mechanism for making the existing system of taxation more organized and efficient,” he said.
The broad picture of Indian economy shows great progress and on the scale of development, the country has come a long way.
Certainly, hurdles were replaced with robust mechanisms and the issues have been replaced by initiatives. Despite facing several tribulations, India stood firm through the tests of time and established itself as a power to reckon with.