By Our Correspondent
JHARSUGUDA: A new era of ‘Ease of Living’ and economic reforms has begun with GST Reform 2.0. By promoting Ease of Living and Ease of Doing Business, this GST Reform will pave the way for India to become a developed nation by 2047, said Union Education Minister Dharmendra Pradhan while participating in the ‘Convention on GST Reforms – 2025’ program organized by ‘Jharsuguda Chambers of Commerce’ on Friday.
The Union Minister, through his presentation, highlighted the unprecedented changes brought about by the Modi government through tax simplification and the benefits it will bring to the country. Shri Pradhan said that India has become the fourth largest economy in the world with a GDP of 4.2 trillion US dollars. The country’s exports were 466.22 billion US dollars in 2013-14, while today they have increased by 77 percent to 824.9 billion US dollars. India’s economic growth has increased from 6.3 percent to 6.8 percent.
He said that in 2019, there were about 49 crore investors in the country. This number has increased to 132 crore. Foreign Direct Investment (FDI) in the country was 36.05 billion US dollars in 2013-14. This number has doubled to 81.04 billion US dollars. The country’s GDP has increased threefold from 106.57 crore in 2014-15 to 331.03 crore. The foreign exchange reserves (forex reserves) in our country have increased by 697.9 billion US dollars. While the GST collection was 11 lakh crore in 2020, it has now increased to 22 lakh crore.
The Union Minister said that GST Reform 2.0 is reducing people’s expenses and increasing savings. This GST reform is a big step towards creating the conditions for a developed economy. People are excited about it. The reforms in the GST process and simplification in GST rates under the Modi government will accelerate key economic sectors. The common people will benefit especially from the reduction in GST on daily used items. People will especially benefit from these reforms in various sectors including agriculture, education, startups, business and health.
Apart from this, he has called upon the members of the Jharsuguda Chambers of Commerce to discuss the business opportunities in Jharsuguda and come forward to improve the nutrition of children.
