At an interactive session with Jayant Sinha, Union Minister of State for Civil Aviation, organized by the Indian Chamber of Commerce (ICC) at The Oberoi Grand on Tuesday, Sinha said that with over 7 percent GDP growth and 3-4% inflation rate, Indian economy is in a very robust shape at present.
“India is implementing inflation targeting regime through its monetary policy and its tax reform has ensured a uniform and simplified tax structure across the country, making it easier for SMEs to file GST returns,” he said. Sinha felt that Insolvency and Bankruptcy Code (IBC) has changed the relationship between creditors and debtors, which has led to a reduction in default cases and lowered the corporate borrowing costs. The minister also mentioned that India was witnessing fast infrastructure developments. “Rate of highway development has doubled while airport construction has increased from one airport per year to 5-6 airports per year in the last five years,” he added. He informed that new terminals were coming up and the number of aircraft in the sky had increased significantly.
Sinha highlighted the achievement of the government of India in social sector reform. He said that through Direct Benefit Transfer (DBT), the government had been able to save over Rs. 1 crore per year. Through Ayushman Bharat Yojana, India had ensured medical treatment for poor and deprived families up to Rs. 5 lakh per year, which he felt, is a milestone to achieve the vision of universal health coverage.
Mayank Jalan, senior vice president, ICC, Chairman and Managing Director, Keventer Agro in his welcome address lauded the initiatives of Sinha in the ministry of finance and later in ministry of civil aviation, which has transformed India's aviation ecosystem with 50 months of unprecedented double-digit passenger growth. He mentioned that the Indian aviation sector is fastest growing in the world and India is expected to become the world's third largest air travel market by 2024.