India to emerge as economic superpower in 15-20 years: Rajnath
By PTI | Published: 11th November 2016 07:36 PM |
LUCKNOW: Union Home Minister Rajnath Singh today exuded confidence that India will emerge as economic super power in 15 to 20 years following the steps being undertaken by the Centre to strengthen the economy.
"I cannot speak about a couple of years but on the basis of my limited understanding I can confidently say that no one can stop India from becoming an economic super power in 15 to 20 years if the economy continues to move in the direction it is being taken by the central government", Singh said addressing the meeting of Indian Commerce Association here.
"We can proudly claim that India's economy is progressing the fastest in the world and its GDP growth rate has reached 7.9 per cent ..I have full confidence that it will be in double figures in a couple of years", he said.
Investors from world over are coming to India despite slowdown and the highest investment has taken place in India in 2015-2016, he said.
The country has emerged as a favourite investment destination, he added.
Citing various achievements of the Narendra Modi government on the economic front, Singh said GST will come into force from April 2017 which will start a new taxation system.
The problems arising out of different taxation system in different states will come to an end and tax realisation will go up resulting in increase in government income and GDP growth will also go up by 1.5 to 2 per cent, he said.
Stressing that not a single minister in the Narendra Modi government is facing corruption charge, Rajnath Singh said that though he cannot claim that the entire administrative structure has been cleaned up but one thing is clear that there is no corruption at the top.
"When the Gangotri has been cleaned, the Ganga coming out from there will automatically be clean ...efforts were on to ensure maximum transparency", he said.
Speaking about foreign trade, Singh said that it is facing slowdown which is being experienced by all the countries and India is no exception.
The Home Minister said that soon after coming to power it was decided that export has to be increased and India's share in world trade should be taken up to some 2.5 per cent from its present 1.6 per cent .
Claiming that ease of doing business will be achieved in a few years because of the steps to change the process and system of doing business, Rajnath Singh said there is an effort to bring transparency in economy.
Referring to the various schemes such as 'Make in India', Start ups and skill development' launched by the Modi government for the youth, he said that while coming to power, the Prime Minister had said that such schemes will help double the income of farmers by 2022.
Terming the contribution of construction sector as insufficient, Singh said that it has to be taken to 25 per cent from the present 14 per cent.