1664462916_SaStPD_Piyush_Goyal.jpeg 
Goyal stated that the government’s effort is to have a single window for the processes and approvals and not open any window behind the window
Photo Credit :
While most countries are still facing difficulties after the pandemic, India has been able to shine as compared to other economies, said Union Minister for Commerce & Industry Piyush Goyal on Friday.
Speaking at the PHD Chamber of Commerce and Industry (PHDCCI) annual session, Goyal said India will be a USD 30 trillion economy by 2047.
However, many agencies have cut India's gross domestic product (GDP) growth forecast amid higher inflation and rising policy interest rates.
Recently, the American credit rating agency, S&P Global Ratings estimated India's economic growth at 7.3 per cent in the current fiscal with downside risks.
Earlier, the Asian Development Bank (ADB) downgraded India's economic growth projection for 2022-23 to 7 per cent from 7.2 per cent.
Goyal also said, "The country continues to be a bright star in the world and has reigned in the inflation numbers significantly compared to the rest of the world.
Growth is possible when we move out of the old dichotomies and be bold and open for the new, Goyal said while talking about the new post-pandemic world.
Fitch also slashed India’s GDP growth forecast to 7 per cent in the financial year 2023 compared with 7.8 per cent in its earlier projection. The move came on the back of a global slowdown and tighter monetary policy.
Goyal stated that India’s growth story also emphasised that the government means business for the business in India and will continue to focus on ease of doing business, internal processes and reducing burdens of compliances and certain laws on our businesses.
He stated that the government’s effort is to have a single window for the processes and approvals and not open any window behind the window.
He mentioned PM Gati Shakti National Master Plan (PMGSMP) and called it an infrastructural marvel.
He urged the industry members to invite the PMGSMP team and understand how this world-class structure works in the implementation of services in stipulated times.
Meanwhile, Pradeep Multani, President, PHD Chamber stated that the post-pandemic world will be a playground for growth and innovation for consumer businesses - both Indian and global, established and emerging.
Multani opined that with the rapidly changing global trade and investment dynamics, a more conducive policy environment for trade and industry would be crucial.