Financial Services News

Collaboration a must for India to reach $5 tn GDP, says FM

Finance Minister Nirmala Sitharaman on Saturday said initiatives of Customs department like Faceless Assessment and Single Window Clearance must evolve aiming to grow trade as every partner must collaborate to help India’s GDP surpass $5 trillion by 2027-28.

In a written message on ‘International Customs Day 2024’, Sitharaman said with a common purpose of ease of doing business for nation building, all stakeholders must come together and contribute to benefit citizen.

She said this year’s theme of International Customs Day which is “Customs Engaging Traditional and New Partners with Purpose” resonates with the Motto of ‘Sabka Saath Sabka Vikas’ given by Prime Minister 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 $5 trillion,” Sitharaman said.

Many initiatives taken by Customs like Faceless Assessment, Direct Port Delivery, Single Window Clearance, AEO Scheme must evolve aiming to grow trade and business, she added.

Special focus on MSMEs, new startups and inclusivity will align with the vision of the PM, Sitharaman said.

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