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Economy set for a surge, India to double the size of GDP to $5 trillion: President Kovind

  •   Sun, Jul 01 2018 06:40:51 PM

New Delhi, Jul 1 (PTI): President Ram Nath Kovind on Sunday said the Indian economy is set for a surge with the GDP size expected to double to USD 5 trillion probably by 2025. He was speaking after launching the platinum jubilee celebrations of chartered accountants' apex body ICAI.

"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 GDP to USD 5 trillion," Kovind said.

Emphasising that adherence to fair taxation system is much more than merely providing revenue to the government, Kovind said chartered accountants are the watchdogs of public trust and have a key role to play and are facilitators of tax payers as well as taxation system.

Speaking on the occasion, Minister of State for Corporate Affairs P P Chaudhary mentioned about Prime Minister Narendra Modi's speech on July 1 last year, where he had described chartered accountants as doctors responsible for the economic health and well-being of the society.

"He had also said that our chartered accountants are known all over the world for their excellent financial skills.

"While mentioning various steps taken by the Union Government against the black money, he had urged the chartered accountants to introspect and weed out corrupt practices from their fraternity. He had also urged the chartered accountants to advise their clients to follow the path of honesty," the minister said citing the Prime Minister's speech.

The Prime Minister's words continue to be true even to this day, Chaudhary said.

According to Chaudhary, the government's fight against black money is continuing and that around 2.25 lakh suspected shell companies have been identified. These entities are being analysed and suitable action would be taken, he added.

Minister of State for Communications Manoj Sinha said that frauds in banks and people involved in setting up of shell companies need to be dealt with sternly.

On a personal note, the minister said that he sometimes feels that there is a need for the ICAI to work towards getting rid of those elements that have strayed away from the principles of the institution.

ICAI President Naveen N D Gupta said the world congress of accountants would be held in India in 2022. The Institute of Chartered Accountants of India (ICAI) has more than 2.80 lakh members.
  

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Comment on this article

  • Ashwil, Mangalore

    Mon, Jul 02 2018

    In 2015, a lot of blind bhakths predicted that in 2018 India will overtake America and China to be the top country in terms of GDP. Few of them are still coming now and then to DW, few of them lost the hope they had with this Fekanna. This Chaiwala proclaiming since a long time that world will take notice of India (they did noticed the rape and attack on women and minorities) This shameless man announced that more IIMSs than the last 60 years and a poor man from Orissa taken a long walk to Delhi to remind this Feku's promise of 2014. Yet, this shameless man keeps barking foolish things, whether it is history or economics, and now asking president to deliver a speech on his behalf. If the whole India was filled with Bhakths, he did not need to utter a word but just say "mithron" and bhakths will be happy.

    DisAgree Agree [2] Reply Report Abuse

  • Max and Jessie Rasquinha, Mangalore - Houston/Dallas, Texas, U.S.A.

    Mon, Jul 02 2018

    Five Trillion Dollar GDP for an ever-growing population such as India is certainly an exciting news so that each and every one of us realize our individual as well as our group responsibility towards our Nation. Healthy Economy needs healthy Management and healthy Administration. India has the best of ingredients to manage our growth in Economy. We have proved ourselves as a prospering Nation with high standards of Education, Defense and Health related capabilities. Yet, we are a young nation of only Seventy years of existence.

    in spite of the fact that India has suffered a few major Wars with our neighbors, we have managed to survive with dignity and integrity. We have advanced ourselves with all the Nuclear Technologies added with all the Space related accomplishments. We have already produced some of the best Silicone valleys, and most importantly, we have proudly displayed to the world that we have preserved our Secular values and have made the world realize that we are the largest Democracy of the World.

    The World at large has realized our intellectual and cultural strength. Now that we have a five trillion dollar GDP to display, the sky is the limit for India to move forward with all the desired progress and prosperity to the second largest populated country in the world.

    Please, God, give our leaders best of health and happiness so that they all can work together under the umbrella of unity and make India more productive and successful than ever before.

    DisAgree [4] Agree [2] Reply Report Abuse

  • Amith, USA

    Mon, Jul 02 2018

    Max and Jessie Rasquinha, Mangalore - Houston/Dallas, Texas, U.S.A. : You has displayed the Sugar wrapped Candy to the Indian public but now explain what is inside the Candy???? Number 1 GDP country or Number 1 Rape country???? In Mumbai, one Italian banker was RAPED, yesterday's news!!!!°
    However " Bade Bade Country mein Chote Chote Ghatna (RAPE) Hote hee Rahete hai "

    DisAgree Agree [4] Reply Report Abuse

  • geoffrey, hat hill

    Mon, Jul 02 2018

    'We have produced some of the best SILICONE valleys' , are you being just sarcastic or don't know the difference between Silicone and Silicon valleys?

    DisAgree Agree [3] Reply Report Abuse

  • Bennaje, Mumbai

    Mon, Jul 02 2018

    I knew it. I knew it. One more! More will come. We are breaking all possible records. What Congress could not achieve in 60 years, BJPeeeee achieved, achieving within 4+ years. So far, the best success which the whole world recognized is: India is the most dangerous country in the World for Women.

    DisAgree Agree [2] Reply Report Abuse

  • Sunil, Udupi

    Mon, Jul 02 2018

    Finally all of us can get 15 lac, if not 22.5 lac ...
    bhakton rejoice!!

    DisAgree Agree [2] Reply Report Abuse

  • Jamal, Bajpe

    Sun, Jul 01 2018

    Pokkade pokkade nambochi.......

    DisAgree Agree [15] Reply Report Abuse

  • geoffrey, hat hill

    Sun, Jul 01 2018

    If not for stupid move like Demonetization, we would already be there.

    DisAgree [2] Agree [23] Reply Report Abuse

  • Amith, USA

    Sun, Jul 01 2018

    Quote "Economy set for a surge, India to double the size of GDP to $5 trillion: President Kovind" unquote
    DEFINITELY!!!!! BUT, IN SWISS BANK!!!!!!

    DisAgree [1] Agree [26] Reply Report Abuse

  • 57"Chest, Mangalore

    Sun, Jul 01 2018

    Economy is set to surge of BJP and not of India or comman man. No signs or indicators to prove GDP will reach that mark but all indicators are pointing positively towards total slump and collapse of the economy. To start with so many banks are going bankrupt and closing down. There is lots happening as we speak it will end only in chaos and disaster.

    DisAgree Agree [16] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Sun, Jul 01 2018

    We are all very soon going to be richer...
    Achche din aanewale hain, Achche din aanewale hain, wow Kovind sir.

    DisAgree Agree [18] Reply Report Abuse


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