New Delhi [India], July 1 (ANI): Union Minister Hardeep Singh Puri on Tuesday highlighted the importance of proper auditing of companies in India, stating that it boosts confidence among foreign investors and contributes to the country’s economic growth.
Puri emphasised that as India’s business interface with the rest of the world grows, it is crucial for companies to be properly audited to attract foreign investment.
“As the business interface with the rest of the world grows, the fact that our companies are properly audited and that gives the foreign investors confidence and domestic also,” Union Minister said, speaking to the media on the sidelines of ICAI Foundation Day today in New Delhi.
During the event, Puri highlighted India’s economic growth, LPG coverage and oil and gas reforms in the country.
The Minister emphasised India’s success in attracting global investment, with USD 748 billion of foreign direct investment inflows between 2014 and 2025–an increase of 143 per cent over the previous decade–and the expansion of source countries from 89 to 112.
“In the past eleven years, India has risen from the eleventh to the fourth largest economy in the world. Our GDP has more than doubled–from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025,” said Minister Puri.
“We have recently overtaken Japan and are poised to become the third-largest economy by 2030, overtaking Germany,” the Minister remarked, highlighting the nation’s resilience during global headwinds and the critical role played by bold policy reforms, extensive social welfare schemes, and sound financial management.
Under the flagship social initiatives, Puri noted, over 27 crore citizens have been lifted out of multidimensional poverty, nearly four crore houses have been sanctioned under the Pradhan Mantri Awas Yojana, and 15.4 crore rural households now enjoy piped water through the Jal Jeevan Mission.
Ayushman Bharat has expanded health coverage to over 70 crore individuals with a Rs 5 lakh insurance benefit, reinforcing India’s commitment to inclusive development, the Minister added.
Landmarks in policy reform, including the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, Direct Benefit Transfers, and the elimination of over 25,000 compliances and 1,400 obsolete laws, have strengthened the nation’s business landscape.
The transformation in tax administration underscores India’s evolving financial culture: annual Income Tax Returns filed grew from 3.6 crore in FY 2013-14 to 8.5 crore in FY 2024-25, with 95% processed within 30 days.
Each return, each rupee of tax collected, translates into tangible benefits–LPG connections for mothers, medicines for the poor, electricity for rural homes, pensions for the elderly, and employment opportunities for youth.
Puri also spotlighted the Ministry’s flagship Pradhan Mantri Ujjwala Yojana, which has delivered over 16.5 crore LPG connections since 2014, empowering women, reducing indoor air pollution, and promoting public health. The growing market capitalization of Oil & Gas PSUs–nearly doubling to Rs 8.79 lakh crore since 2014–reflects the sector’s robust performance and the trust of investors. (ANI)
