President Ram Nath Kovind on Sunday said the size of the Indian economy would double to around $5 trillion (Rs 342 lakh crore at current exchange rate) by 2025. Speaking at the platinum jubilee of the Institute of Chartered Accountants of India, Kovind praised the Goods and Services Tax for “simplifying procedures” and reducing the prices of many goods and services.
“Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the Gross Domestic Product to $5 trillion,” Kovind said. “The growth in financial and business transactions will mean more work for CAs.”
According to the World Bank, India’s GDP in 2017 was estimated at $2.61 trillion at current prices.
Kovind also urged chartered accountants to introspect on banking scandals, on whether they had “done their duty” or they “contributed to the sorry situation”. He said chartered accountants are the watchdogs of public trust.
Chartered accountants have a key role to play and are facilitators of tax payers as well as taxation system, he said.
At the same event, Minister of State for Corporate Affairs PP Chaudhary said the government’s fight against black money is continuing and that around 2.25 lakh suspected shell companies had been identified so far, PTI reported.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!