Prime Minister Narendra Modi recently spoke about his vision for making India a $10-trillion economy and the world’s third largest, which has countless start-ups and is a leader in renewable energy and electric vehicles. He was addressing the Economic Times’ Global Business Summit in New Delhi. India is now a $2.5-trillion economy and the sixth largest.
“We want to make an India of countless startups. We want to lead the global drive towards renewable sources of energy. We want to give our people energy security. We want to cut down on import dependence. We want to make India a world leader in electric vehicles and energy storage devices. With these goals in mind, let us re-dedicate ourselves to create a New India of our dreams,” a news agency report quoted the prime minister as saying.
Having missed the past three industrial revolutions, India, he said, is an active contributor to the fourth industrial revolution.
Highlighting his government’s industry-friendly policies, he said a business with a turnover of up to Rs 40 lakh does not have to register for goods and services tax (GST), one with a turnover of up to Rs 60 lakh does not have to pay any income tax and a business with a turnover of up to Rs 1.5 crore is eligible for the composition scheme.