India is trusted partner of the world: Piyush Goyal
San Francisco, [US], September 6: Union Minister Piyush Goyal, who is on six-day visit to San Francisco and Los Angeles highlighted that India’s stable economic conditions during Covid-19 pandemic and said that the country has emerged as the trusted partner of the world.
Speaking at a luncheon interaction with the Institute of Chartered Accountants of India (ICAI) where he launched six new chapters in Arizona, Austin, Los Angeles, Michigan, North Carolina and Ohio, he said, "Today with the kind of structural reforms that happened in India, the island of stability that India offers, amidst the global disturbances, India is holding strong, growth is continuing to be amongst the highest in the large economies, inflation relatively being less than other parts of the world, particularly the developed countries."
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While the world is still recovering from the Covid-19 pandemic, India has emerged as a stable economy.
"With a stable environment, India has become probably one of the world's most attractive investment destinations. The trusted partner in the works and it is evident in the way world leaders and developed countries are making every effort to expand their engagement with India -- looking for bilateral agreements, to expand trade with India investments into India," said Goyal.
Goyal also underscored the economic changes in India and discussed economic reforms in India like the implementation of GST. Moreover, there is renewed enthusiasm to expand the frontiers of economic activity. Growth rates in India suggest we are on course to become USD 30 trillion economy in 30 years.
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"You're all aware of the game-changing economic reforms that have happened in India -- the Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC). The effort to decriminalize laws and make it easier to do business. The fact that we are trying to reduce compliances significantly. The low corporate tax for new businesses coming into India. The removal of the dividend distribution tax which was a deterrent for international investment into India because they were paying almost 22 per cent on their dividends and that was not getting a tax set off on the Double Tax Avoidance (DTA)," said Goyal.
-PTC News with ANI inputs
