Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Shri Piyush Goyal on October 03, 2021 said India is making Resurgent Stride towards a $5 trillion economy. Addressing the ICAI Dubai Chapter during his visit to the UAE, Shri Goyal said led by Prime Minister Shri Narendra Modi, India today is set on a path to become Aatmanirbhar & is taking bold reforms.
“Under PM Modi, we are seeing rise in Economic indicators despite pandemic. India’s merchandise exports in the first half of FY2020-21, viz Apr-Sep, 2021, notched up to $197.11 bn, recording 23.8% increase over Apr-Sep’19. Manufacturing PMI avg. improves to 53.8 (Q2) from 51.5 (Q1) while GST collections have hit a 5-month high in Sept,” he said.
The Commerce Minister said $5 trillion economy is a bold ambition & every Indian has to contribute in making it possible and make it a mass movement. Startup India, PLI Scheme, Single Window System, Industrial Corridors, National Infrastructure Pipeline, Reduction in Corporate Tax, Removing Retrospective Income Tax, Liberal FDI policy etc. are some of the key reforms and schemes initiated by the Government, said Shri Goyal.
“De-risking economy by ensuring transparency in financial sector, Strengthening national initiatives such as Digital India, Skill India and inculcating financial literacy of common man esp. farmers & MSMEs are steps to boost investor confidence in the Indian economy,” he said.
Shri Goyal said India-UAE partnership will be a driving force in our mutually beneficial ties.
“Indian community of about 3.4 million is the largest ethnic community in UAE constituting roughly 30% of the country’s population and they act as a bridge between the two countries. Our celebration of ‘Azadi Ka Amrut Mahotsav’ coincides with UAE’s celebration of ‘Year of 50’ to commemorate declaration of the union in 1971,” he said, adding, “We have taken the next step in our friendship by launching the CEPA negotiations only last week.”
Lauding ICAI Dubai as the largest and most active chapter among 45 Overseas chapters of ICAI, Shri Goyal said, “Dubai is like India’s extended neighbourhood & ICAI Dubai is India’s extended home for CAs.”
He commended ICAI Dubai for playing a pivotal role in successfully rolling out of VAT in the UAE and thanked the Dubai Chapter for their selfless support to India during COVID-19 by supplying Oxygen Concentrators, food & essentials.
Shri Goyal said the CAs will play a pivotal role in ‘Catalyzing Reform & Creating Value’.
“CAs in India need to start looking beyond industry expectations, towards expectations of the nation & society from the profession. CA fraternity to work on Mission Mode to fulfill Prime Minister Modi’s mission for creating global level Indian audit firms. I urge CAs in Dubai to invite your clients (UAE buv:gç tcsiness houses) to invest in India & benefit from our large market,” he said.
The Press Release can be accessed at: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1760651