New Delhi, January 27: Finance Minister Nirmala Sitharaman highlighted the pivotal role of Customs department initiatives in driving trade growth and aiding India’s ambitious target of achieving a GDP of USD 5 trillion by 2027-28. Emphasizing the need for collaborative efforts, Sitharaman underscored the importance of evolving Customs practices like Faceless Assessment and Single Window Clearance.
In a written message commemorating ‘International Customs Day 2024,’ Sitharaman emphasized the shared objective of enhancing ease of doing business during India’s ‘Amrit Kaal’ (Golden Era). Calling for collective contributions from all stakeholders, she stated, “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 theme for this year’s International Customs Day, “Customs Engaging Traditional and New Partners with Purpose,” resonates with Prime Minister Narendra Modi’s motto of ‘Sabka Saath Sabka Vikas’ (Collective Efforts, Inclusive Growth), Sitharaman noted.
Sitharaman highlighted key Customs initiatives, including Faceless Assessment, Direct Port Delivery, Single Window Clearance, and the Authorized Economic Operator (AEO) Scheme, stressing the need for their evolution in alignment with the broader goal of fostering trade and business growth. She specifically mentioned that a special focus on Micro, Small, and Medium Enterprises (MSMEs), new startups, and inclusivity would align with the Prime Minister’s vision.
The Finance Minister’s message comes as India aims to position itself as the third-largest economy globally by 2027-28. The government’s focus on leveraging Customs department initiatives reflects its commitment to streamlining trade processes and creating a conducive environment for economic expansion. The evolving strategies underscore the significance of adapting to changing global trade dynamics for sustained growth and achieving the coveted USD 5 trillion GDP milestone.