Economy set to touch $5 t by 2025: Kovind

President Ram Nath Kovind on Sunday said the Indian economy is set for a surge with the GDP size expected to double to $5 trillion probably by 2025.

He was speaking after launching the platinum jubilee celebrations of chartered accountants’ apex body ICAI.

“The Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to $5 trillion,” Kovind said.

The President said that adherence to a fair taxation system is much more than merely providing revenue to the government, which is part of the same social contract that underpins the Constitution.

“Under this Constitution, we have given ourselves certain rights, but also certain responsibilities. Taxes are what we pay to get social benefits in the form of public goods and services, health and education facilities, better infrastructure, law and order, and secure borders. It is crucial that this responsibility is shared by the widest possible number of citizens - whether they pay taxes directly or indirectly. It is the solemn duty of each one of us to contribute to the society that we share and the nation that we are part of,” he noted.

Noting that CAs have a key role in advancing such a culture, Kovind said they are facilitators of tax payers and of the taxation system as well as watchdogs of public trust.

Speaking on the occasion, Minister of State for Corporate Affairs P P Chaudhary said that the government’s fight against black money is continuing, and that around 2.25 lakh suspected shell companies have been identified, are being analysed and suitable action would be taken against them.

Minister of State for Communications Manoj Sinha said that frauds in banks and people involved in setting up of shell companies need to be dealt with sternly.