(MENAFN- IANS) New Delhi, Oct 3 (IANS) N.K. Singh, Chairman of the 15th Finance Commission and a noted economist, on Friday said the Goods and Services Tax (GST) reforms have provided significant relief to the common citizens while improving India's business and investment atmosphere.

Speaking on the sidelines of the 'Kautilya Economic Conclave 2025' here, Singh said,“The impact of the GST reform is now visible. It has increased purchasing power and provided relief to the common man. It has also significantly improved the business and investment environment and promoted ease of doing business.”

Highlighting India's economic prospects, Singh noted that the country's vast untapped market offers immense opportunities for private investment and public-private partnerships.

He described the current moment as a“turning point,” with multiple virtuous cycles aiding India in addressing future challenges.

The economist reiterated that India remains the world's fastest-growing economy with a strong foundation, moving steadily towards becoming the third-largest economy globally.

According to official data, India's real GDP growth in the April-June quarter stood at 7.8 per cent, and the Reserve Bank of India (RBI) has revised its growth forecast for FY 2025-26 to 6.8 per cent, a development economists see as a significant milestone.

Earlier, at the same event, Finance Minister Nirmala Sitharaman emphasised India's resilience amid global uncertainties. She said that despite volatile global conditions and changing rules of international trade, the strength of the domestic economy has enabled India to grow rapidly and withstand external shocks.

She highlighted that India's robust domestic factors minimise the impact of global uncertainties.

“We are in a shifting global landscape that resembles a zero-sum approach. Indian economy is resilient and continues to grow sustainably,” FM Sitharaman said while delivering an inaugural address at the 'Kautilya Economic Conclave 2025' in the national capital.

“By 2047, becoming Viksit Bharat by self-reliance does not mean we wish to be a closed economy. We have to reach 8 per cent GDP growth to get to the goal for a developed nation,” the finance minister added.

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