“A New Era of Economic Reform Begins”
Jharsuguda: A new era of ease of living and economic reform 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 Reform – 2025’, organized by the Jharsuguda Chambers of Commerce on Friday.
Through a presentation, the Union Minister highlighted the unprecedented changes brought in by the Modi government by simplifying tax procedures and the benefits these reforms offer to the country. Mr. Pradhan stated that India has become the world’s fourth-largest economy, with a GDP of $4.2 trillion USD. While India’s exports stood at $466.22 billion USD in 2013-14, they have increased by 77% to $824.9 billion USD today. India’s economic growth has risen from 6.3% to 6.8%.
In 2019, the country had around 4.9 crore (49 million) investment, which has now increased to 13.2 crore (132 million). FDI has doubled from $36.05 billion USD in 2013-14 to $81.04 billion USD now. India’s GDP has tripled, from Rs 106.57 lakh crore in 2014-15 to Rs 331.03 lakh crore. The country’s foreign exchange reserves have increased to $697.9 billion USD. GST collection, which was Rs 11 lakh crore in 2020, has now doubled to Rs 22 lakh crore.
GST Reform 2.0 is reducing people’s expenses and increasing their savings. The reform is a major step towards preparing the economy for developed-nation status. Reforming the GST process will accelerate growth in the economic sector. A reduction in GST on everyday items will benefit common people. According to the Union Minister, people will especially benefit in sectors like agriculture, education, startups, business, and healthcare. On this occasion, Mr. Pradhan also discussed the business potential in Jharsuguda. He urged members of the Jharsuguda Chamber of Commerce to take the initiative in improving child nutrition in the region.
At the program held during the Hotel Mayfair, MSME Minister Gokulananda Mallik, MP Pradeep Purohit, and MLA Tankadhar Tripathy attended as esteemed guests and said that GST reform is a revolutionary step towards realizing the vision of a developed India.Chamber of Commerce President Heeralal Lokchandani delivered the welcome address. Former President of Chartered Accountants Association Himansu Badapanda outlined the purpose of the event. CA Manish Saha coordinated the program, and CA Association President Sanjay Sararati delivered the vote of thanks. The Union Minister was felicitated by various organizations.
