PM Modi attends centenary celebrations of ASSOCHAM

On December 20, 2019, PM Modi addressed the Associated Chambers of Commerce and Industry in New Delhi. The event was organized to commemorate 100 years of ASSOCHAM. The event was organized under the theme

Theme: New India Aspiring for 5 trillion USD

ASSOCHAM

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is the apex trade association of India. The goal of the organization is to promote domestic and international trade. It is one of the oldest organizations in the country that was established in 1921. The organization is located in Kolkata, Bengaluru and Ahmedabad.

The GoI authorizes and has given the power for ASSOCHAM to issue certificates of origin, recommend business visa and certify commercial invoices.

Highlights of PM Modi’s address at the event

In order to achieve the target of 5 trillion USD economy, it is essential to increase digital transactions of GST and also increase Aadhar linked payments to DBT.

Other Top economies in the world

While India is aspiring to become a 5 trillion USD economy, there are several countries in the world who have already achieved the target. According to IMF’s World Economic Outlook Database, 2019, China tops the list as 25.27 trillion USD economy, followed by US (20.49 trillion USD), Japan, Germany, UK, India (2.72 trillion USD).

Month: Current Affairs - December, 2019