Structural reforms will make India one of top 3 economies of the world : Goyal

New Delhi, Jan 7 (Agency) The structural reforms taken by the government in last eight years will help India emerge among the top three developed economies in the world, Union Commerce Minister Piyush Goyal said on Saturday. Interacting on the occasion of 27th edition of Wharton India Economic Forum via VC, Goyal said a lot of structural changes that have taken place in the last eight years have had a significant impact on the way the Indian economy is poised to take off. He described the introduction of GST as one of the important reforms and highlighted that despite the challenging global scenario recent GST collections have been very robust. He also said that India is now a more honest, transparent economy and people are now getting used to paying their taxes.

He said Insolvency and Bankruptcy Code (IBC) is also an important reform measure that has resulted in a robust banking system in India. The banks have been able to provide the resources for industry to grow, he said. Responding to a questions, Goyal said infrastructure, semiconductor and domestic manufacturing are some of the priority sectors. Speaking on India’s renewed focus in signing free trade agreements in the past five years, Goyal emphasised that India today has emerged out of the shadows of the past. “India has recognised that multilateral engagements often lead to economic partnerships which may not be in the best interests of all the stakeholders,” he said.

He said India’s interest is to enter into bilateral free trade agreements that are balanced, in the best interests of both the countries. “We are engaging with like minded countries particularly countries with a rules based order, transparent economic systems and entering into agreements which are a win win for both sides,” he said. He said focus is on structural reforms, massive infrastructure development, digitization, and the huge talent that India is offering to the world, which is helping rewrite India’s future.