Sunday September 23, 2018
Home India Big reforms L...

Big reforms Led to India becoming the fastest growing major Economy globally: Garg

It also has enormous implications for emerging markets and developing countries

0
//
48
The RBI building in Mumbai.
The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain
Republish
Reprint

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs more reforms.
Indian economy needs more reforms.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise.
Indian economy should be on rise. Image: Mapsofindia

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS

Click here for reuse options!
Copyright 2018 NewsGram

Next Story

India Gets Its Sex Offender Registry

The latest statistics from India's National Crime Records Bureau show the number of sexual crimes rose 12 percent between 2015 and 2016.

0
People hold placards at a rally condemning the rapes of two girls, aged 8 and 11, in Ahmedabad, India
People hold placards at a rally condemning the rapes of two girls, aged 8 and 11, in Ahmedabad, India. VOA

India has launched a sex offender registry. The establishment of the database comes as the country is experiencing a daily wave of sexual crimes.

The information in the registry, however, will only be available to law enforcement officials. In contrast, in the United States, the public has access to information in sex offender registries.

India
Indian women participate in a candle light vigil at a bus stop where the victim of a deadly gang rape in a moving bus had boarded the bus two years ago, in New Delhi, India. VOA

A home ministry statement said the 440,000 names in the Indian database includes people convicted of rape, gang rape, child sex crimes and sexual harassment. The registry also includes photos of the offenders, plus their addresses and fingerprints.

The latest statistics from India’s National Crime Records Bureau show the number of sexual crimes rose 12 percent between 2015 and 2016. The figures for 2016 show there were more than 100 reported rape cases in India every day. (VOA)

Next Story