"India has been evolving. A lot of structural changes that took place in the last 8 years have had a significant impact on the way the Indian economy is poised to take off in the next 25 years," Goyal said. The minister was speaking on the occasion of 27th edition of the Wharton India Economic Forum via videoconferencing on Saturday.

Speaking about the reforms, the union minister said that GST, Insolvency and Bankruptcy Code, privatization, decriminalization of laws, simplification of compliances to enable ease of doing business were some of the initiatives taken by the government that have had a significant impact on the way the Indian economy is poised to take off in the next 25 years.

India in 2022 overtook the UK to become the world's fifth-largest economy and is now behind the US, China, Japan, and Germany.

Speaking about GST in particular, he said it is one of the important reforms and highlighted that despite the challenging global scenario recent GST collections have been very robust. "India is now a more honest, transparent economy and people are now getting used to paying their taxes, " he said at the event

Responding to a question regarding which sectors are strategic priorities for the government, Goyal said that infrastructure, semiconductors, and domestic manufacturing are some of the priority sectors.

He also spoke about the government's PLI initiatives under the Atmanirbhar plan.

As part of its Atmanirbhar plan, the Government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.