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Underlining reforms like privatisation, digitization of the economy, decriminalisation of laws, simplification of compliances to enable ease of doing business, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has expressed confidence that the structural reforms taken by the Government in last 8 years will help India emerge among the top three developed economies in the world.

Goyal further noted that a lot of structural changes that have taken place in the last eight years have had a significant impact on the way the Indian economy is poised to take off. He termed GST as one of the important reforms and highlighted that despite the challenging global scenario recent GST collections have been very robust.  He also mentioned that India is now a more honest, transparent economy and people are now getting used to paying their taxes.

Besides, he said that Insolvency and Bankruptcy Code (IBC) is also an important reform measure that has resulted in robust banking systems in India. These banks have been able to provide the resources for industry to grow. Goyal said that infrastructure, Semiconductor, Domestic manufacturing are some of the priority sectors. He also pointed out that Prime Minister Narendra Modi's focus is on building a robust infrastructure in India. Private sector is also contributing in this endeavour.

Goyal also said that semiconductor is another critical sector for the Indian economy. Another important area is domestic manufacturing, and the government has introduced PLI schemes to kickstart Indian manufacturing in over 14 sectors. The Minister mentioned the Government is also encouraging the Private sector/ industry associations to determine themselves what support in what areas it needs from the Government.