N.K. Singh, the chairman of India’s 15th Finance Commission and a prominent economist, shared upbeat views on the country’s economic progress during a recent event in New Delhi. Speaking on the sidelines of the Kautilya Economic Conclave 2025 on October 3, Singh praised the Goods and Services Tax (GST) reforms for delivering real benefits to everyday people.
“The GST changes are making a clear difference now,” Singh said. “They’ve boosted people’s buying power and eased the burden on ordinary citizens. Plus, they’ve created a much friendlier environment for businesses and investors, making it simpler to start and run companies in India.”
Singh pointed to India’s huge untapped market as a goldmine for private investments and partnerships between businesses and the government. He called this time a key “turning point,” where positive trends are helping the nation tackle upcoming challenges head-on.
India continues to shine as the world’s fastest-growing major economy, with solid foundations pushing it toward becoming the third-largest globally. Official figures show the country’s real GDP grew by 7.8% in the April-June quarter this year. The Reserve Bank of India (RBI) recently upped its forecast for fiscal year 2025-26 to 6.8%, which experts hail as a big win for India’s economic momentum.
Earlier at the same conclave, Finance Minister Nirmala Sitharaman highlighted how India stays strong despite global ups and downs. In her opening speech, she noted that shaky world trade rules and uncertainties haven’t slowed the nation down, thanks to its sturdy homegrown economy.
“India’s internal strengths help shield us from outside shocks,” Sitharaman said. She described the global scene as a tough, zero-sum game but stressed that India’s economy keeps growing steadily and sustainably.
Looking ahead, Sitharaman outlined the vision for Viksit Bharat—a developed India by 2047—built on self-reliance without closing doors to the world. “To hit that target as a developed nation, we need to aim for 8% GDP growth,” she added, underscoring the path forward for India’s economic rise.
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