Union Minister Arun Jaitley has expressed confidence that Indian economy may maintain the tag of fastest growing major economy for some years. The fourth quarter results of Gross Domestic Product (GDP) of last financial year (FY18) which showed a phenomenal 7.7% growth rate and has established India firmly as the fastest growing global economy. Further, he mentioned that with structural reforms like demonetisation, the implementation of the Goods and Services Tax and the enforcement of the Insolvency and Bankruptcy Code, the government had two challenging quarters. Those who predicted a 2% decline in GDP growth has been conclusively proved wrong.
Besides, Jaitley stated that double digit growth in the construction sector, record FDI, manufacturing expansion and financial inclusion schemes have created jobs and opportunities for self employment. He added that demonetisation, GST, digitisation, Aadhaar and the anti-black money measures are leading to gradual formalisation of Indian economy. Moreover, he said that if the trend of tax collection continues over the next few years, India will have better future.
Talking about tax collection, the Minister highlighted that the country has received 6.86 crore income tax return filers last year. The number of income tax returns post demonetisation showed a 25% growth. Even the corporate returns have increased by 17%. Additionally, on job creation he stated that an analysis of the data released clearly shows that the construction sector is expanding by double digits and it is a job creating sector. Investment is increasing and domestic investment is also increasing. He added that the Foreign Direct Investment (FDI) is at an unprecedented level.