Nirmala Sitharaman says every partner should collaborate for India to become 3rd largest Economy by FY28

NEW DELHI : Union Finance Minister Smt Nirmala Sitharaman stated on Saturday that Customs Department initiatives, including Faceless Assessment and Single Window Clearance, must evolve with the overarching goal of boosting trade growth. She further emphasised the importance of collaborative efforts from all stakeholders to assist India in surpassing a GDP of $ 5 trillion by 2027-28.

In a written message on the ‘International Customs Day 2024’ occasion, Sitharaman emphasised the common goal of facilitating ease of doing business for nation-building during India’s ‘Amrit Kaal.’ She urged all stakeholders to unite and contribute to the well-being of Indian citizens.

She mentioned that this year’s theme for International Customs Day, which is “Customs Engaging Traditional and New Partners with Purpose,” aligns with the motto of ‘Sabka Saath Sabka Vikas‘ coined by Prime Minister Shri Narendra Modi.

“Every partner needs to collaborate to put India on course to becoming the third-largest economy by 2027-28, with a GDP surpassing USD 5 trillion,” the Finance Minister said.

Many initiatives taken by Customs, such as Faceless Assessment, Direct Port Delivery, Single Window Clearance, and AEO Scheme, need to evolve with an overall objective of growth of trade and business, she added.

Special focus on MSMEs, new startups and inclusivity will align with the prime minister’s vision, stressed Sitharaman.

Meanwhile, Revenue Secretary Sanjay Malhotra said the customs department is developing a fully automated trade interface system, Customs 2.0, which would also help in improving its score in the World Bank’s ranking. Speaking on the International Customs Day 2024 celebrations, organised by the Central Board of Indirect Taxes and Customs (CBIC), Malhotra said technology will be the primary driver in improving customs processes.

“India is on course to become the third largest economy, surpassing GDP of USD 5 trillion. Yet we are ranked 47th out of 139 countries in the World Bank report’. There is a huge scope for improvement for us not only in terms of score but also in terms of ranking,” Malhotra said.