Everyone needs to collaborate for India to become third-largest economy: FM

Don't want to miss the best from Business Standard?

Finance Minister Nirmala Sitharaman on Saturday said the initiatives of Customs department like Faceless Assessment and Single Window Clearance need to evolve with the overall objective of growth of trade as every partner needs to collaborate to help India's GDP surpass USD 5 trillion by 2027-28.

In a written message on the occasion of 'International Customs Day 2024', Sitharaman said with a common purpose of ease of doing business for nation building during India's 'Amrit Kaal', all the stakeholders need to come together and contribute for benefits to citizen of India.

She said this year's theme of International Customs Day which is "Customs Engaging Traditional and New Partners with Purpose" resonates with the Motto of 'Sabka Saath Sabka Vikas' given by Prime Minister Narendra Modi.

"Every partner needs to collaborate to put India on course to becoming the third-largest economy by 2027-28, with a GDP surpassing USD 5 trillion," Sitharaman said.

Many initiatives taken by Customs such as Faceless Assessment, Direct Port Delivery, Single Window Clearance, AEO Scheme need to evolve with overall objective of growth of trade and business, she added.

Special focus on MSMEs, new startups and inclusivity will align with the vision of the prime minister, Sitharaman added.