India is at the threshold of becoming one of the major economic powers and private sector will accelerate growth of the country: VP Naidu

Chennai, October 18: Reformative measures like the introduction of GST will improve the economy, said Vice President Venkaiah Naidu while addressing 90th-anniversary celebration of Andhra Chamber of Commerce in Chennai. The Andhra Chamber of Commerce which began in 1928 with 35 members today has over 17,500 members and around 55 affiliated Chambers of Commerce and Industry and Trade associations. 

Inaugurating the 90th-anniversary celebration of Andhra Chamber of Commerce, he said that from 35 members when it was formed, the Andhra Chamber of Commerce has grown into one of the most reputed industry associations and is having 1800 members at present. Besides, 55 trade and industry associations are affiliated to it.

 

Further VP Naidu said that the world is changing at a rapid pace aided by technological and digital revolutions. Any nation unable to keep pace with the changes will become a laggard. India is at the threshold of becoming one of the major economic powers and the private sector can play a huge role in accelerating the growth and development of the country.

Tamil Nadu is among the States which are in the forefront of industrialization. To spur growth, we have to improve infrastructure, resource efficiency and promote innovative technologies, Naidu added.

Highlighting the significance of GST, VP Naidu said that reformative measures like the introduction of GST will improve the economy in the long run, although there might be some teething problems in the initial stages of implementation. In the end, such reforms will also benefit the consumers.

With various measures taken by the government to step up economic growth, including FDI in various sectors and given the strong macroeconomic fundamentals, India will continue to grow steadily. Describing the two major recent reforms in India—demonetisation and goods and services tax (GST)—as a monumental effort, IMF chief said it is hardly surprising that there “is a little bit of a short-term slowdown” as a result. “But for the medium term, we see a very solid track ahead for the Indian economy,” she said to a question on India.

Women’s empowerment is one of the key parameters for the progress of any nation or society.

There is also a huge need to supplement Government’s efforts in regard to Make in India and Digital India programmes. Make in India has been launched with a view to increasing the share of manufacturing in our GDP to 25 per cent by 2025. By doing so, it is estimated that additional employment opportunities to the extent of 90 million jobs will be generated. The government is rightly focusing on generating employment and financial inclusion so that bottom of the pyramid, the poorest of the poor gain maximum advantage.

The Governor of Tamil Nadu, Shri Banwarilal Purohit and the Minister for Fisheries, Personnel and Administrative Reforms, Tamil Nadu, Shri D. Jayakumar were present on the occasion.

“We have had business relations in the US, UK, Japan, Sri Lanka, China, etc. and have contributed to the spreading of business across the globe. We will expand the chamber’s range of activities for the betterment of our country as well,” said VL Indira Dutt, president, Andhra Chamber of Commerce.