India can remove the global economy from the slow growth scenario, says Premier Minister Modi

New -Delhi: The exposition of economic reforms by the Indian government said Prime Minister Narendra Modi said India has the ability to pull the world out of its slow economic growth. Modi also the reforms for goods and services for goods and services for goods and services) will be completed by Diwali and that a self -sufficient nation would be the basis of developed India. The prime minister noted that India is the fastest growing major economy in the world, and the prime minister added that Indian will soon become the world’s third largest economy. “Led by the mantra of reform, export, transform, India, is in a position today to raise the world from slow growth. India carries the power to bend even over time.” Modi said on Saturday that he addressed the ET World Leaders Forum on Saturday. He added: “If we look at the global context, the strong economy of India becomes clear. Today, India is the fastest growing big economy in the world. We will soon become the world’s third largest economy. Experts suggest that the contribution of India will be about 20%in the coming years.” The prime minister also urged the private sector to strengthen its investments in research and development (R&D). “The question of today is that the industry and the private sector are stepping forward, especially in areas such as clean energy, batteries, advanced materials, quantum technology and biotechnology and expanding their work in research.” Modi added that there is a need for urgency in the field of research. Modi said about the planned GST rationalization: “A large reform is underway in GST, which will be completed by this Diwali, makes GST simpler and reduces prices.” In a large renovation of the structure of multittered goods and services (GST), the central government suggested that the 12% and 28% pages be scrapped, including reforms to India’s indirect tax regime that are expected to stimulate economic growth. Mint reported earlier that according to the proposal, most products and services that attract a tax rate of 12% and 28% will be moved to the 5% and 18% pages respectively. A few remaining items in the 28% bracket -the highest -will be moved to a new 40% page that will cover only a few ‘sin -goods’, such as tobacco products. The GST Council meets on September 3-4 in New Delhi to consider the tax rate cuts, so that consumers who plan purchases during the upcoming festive season get the benefits. About reforms and economic growth, modes: “We continue with the purpose of a quantum jump, not just incremental change.” He also emphasized growth in space and energy sectors in the country and noticed that India could have its own space station in the future. “The budget of this year has awarded a venture capital fund of £ 1,000 crore to support space -startups. In 2014, there was only one space -start in India. Today, the number has grown to more than 300. The day is not far when India will have its own space station in orbit.”