VIJAYAWADA: YSRC Rajya Sabha member V Vijayasai Reddy has said India is emerging as a strong economic power in the world. Participating in a short discussion on the ‘Economic Situation in the Country’ on Tuesday, he said India, which was in 10th position among the nations with the highest GDP, has climbed to fifth place in the last 10 years, and in the next five years it will emerge as the third powerful economy in the world.
At a time, when a slowdown is being witnessed in the world economy, India is registering a healthy growth rate. In the last fiscal, the GDP has increased to 7.2%, which is 2% more than the developing economies, he highlighted.
In the last 10 years, direct tax collection has increased by 160%, and in the first half of the current fiscal, it has risen by 18% than the previous fiscal. In the current fiscal, GST collection is 13.3 lakh crore, which is 12% more than the previous fiscal, he highlighted. However, the MP expressed concern over the dwindling value of the Rupee against the Dollar and emphasised the need for remedial action.