India is on the threshold of becoming one of the major economic powers and the private sector can play a huge role in accelerating the country's growth and development, Vice President M Venkaiah Naidu said Tuesday.
Reformative measures like the introduction of Goods and Services Tax would improve the economy in the long run, although there might be some teething problems in the initial stages of implementation, Naidu said.
"In the end, such reforms will also benefit the consumers," he said, while unveiling the logo of the 90th year celebrations of local chapter of Indian Chamber of Commerce and Industry here tonight.
"India has now emerged as one of the fastest growing economies in the world today. If this trend and momentum continues, India is poised to become the largest economy in the next 10-15 years," Naidu said.
"We in India are all committed to build a five trillion-dollar economy by 2025, making India the 3rd largest consumer market in the world.
The latest report of the World Bank has forecast that the economy is projected to grow at 7.3 per cent in 2018-19 and 7.5 per cent in the next two years," he said.
The IMF has forecast that India would grow at more than 7 per cent in 2018 and 2019, ahead of other major economies, Naidu said.
The policy initiatives taken by the union government such as 'Make in India', 'Skill India', 'Digital India', 'Smart Cities and Start-up India' were opening up new opportunities, he said.
The country has seen a strong global confidence in the India story with a surge in Foreign Direct Investments which reached over USD 62 billion in 2017-18.
According to him, the government has taken several measures to cut down red tape, improve the ease of doing business, attract more investments and create a business-friendly environment.
He termed demonetization and the introduction of GST as landmark initiatives aimed at ensuring transparency, eliminating parallel economy and fetching increased revenue to the exchequer.
These initiatives have led to change in the attitude of the people as evidenced by increased tax compliance. "Similarly, bankruptcy and insolvency code and the measures taken to unearth black money and curb corruption will further improve our economy."
However, every reform must have a human face and the fruits of reforms must reach the poorest sections of the society, he said.
"Economic prosperity is meaningless if there is no equity in wealth distribution.
The initiatives taken up by the union government such as Jan-Dhan Yojana are aimed at empowering the poor and putting an end to their financial inclusion.
Commerce and Industry bodies like yours must chip in to see that nobody is left behind in the financial inclusion initiative," Naidu told the gathering.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)