Dr. Arvind Virmani
The stage is set for the second edition of the much-awaited News9 Global Summit of India’s leading news network, TV9 Network, in Germany. This time, News9 Global Summit is being organized in Stuttgart, Germany on 9th October, in which like last year, this time too the strengthening of bilateral relations between India and Germany amidst the changing global system is being discussed. When Dr. Arvind Virmani, a member of NITI Aayog and a well-known economist of the country, started speaking on this platform, the world understood the story of India’s growing power from a new perspective. He openly expressed his opinion on ‘TRADE, TARIFF, TUMULT: INDIA-EU FTA’ i.e. India-EU Free Trade Agreement amidst trade, tax and global turmoil.
Tax reforms gave momentum
Dr. Arvind Virmani started his address with the struggle he has waged for decades to make doing business easier in India. He said, “I have spent my entire life trying to free private businesses from the web of government red tape.” He emphasized that after decades of hard work, major reforms like Income Tax and GST have now been implemented in the country. These reforms are not just on paper, but they are strengthening India’s economic foundation, due to which the country stands strong even amidst global challenges.
One Mercedes sold every 6 minutes
When News9 journalist asked Dr. Virmani that during Navratri, a Mercedes car is being sold every six minutes in India, how do you see it? To this he replied smilingly that this is a great news for the business of both India and Germany. He clearly said that this figure shows the rapidly growing middle class in India. This huge middle class of India is now spending not just on needs but on its aspirations. This is the reason why today the biggest companies of the world are seeing India as a market where there is immense potential for development.
How is India becoming an engine of growth?
Today, when the whole world is facing challenges like inflation, supply chain problems and economic slowdown, India still remains the fastest growing major economy. Dr. Virmani explained the reason behind this. He said that India has adopted the path of structural reforms, financial discipline and strategic partnerships in difficult times. On one hand, while Europe itself is charting its own path of development, on the other hand, economic complementarity between countries like India and Germany can bring stability to this fragmented global order. He clarified that only coordinated policies can guarantee economic strength in this uncertain period.