Prime Minister Modi’s Mantra: Reform, Perform and Transform: Prime Minister Narendra Modi on Saturday shows confidence that India’s ease of doing business ranking will further improve next year when the impact of GST is taken into account. Addressing at event- India’s Business Reforms in New Delhi, Modi said, India has in three years jumped 42 places to break into top 100 countries on World Bank’s ease of doing business ranking. He said, this ranking takes into account reforms initiated only till May-end and does not reflect the impact of the GST, which was implemented from 1st of July. Prime Minister said, the GST has not just integrated the nation of 1.2 billion into one market with one tax rate but also provided a stable and transparent taxation regime. PM Modi further said that ease of Doing Business will lead to Ease of Life for every Indian. GST is a commendable reform done by the country and it will benefit the ease of doing business. he is committed for the development of the country and to further improve India’s ranking in ease of doing business. He said, he does not want to sleep over 30 place jump in ease of doing business ranking but want to do more. The Prime Minister said, the issues raised by traders and businessmen on GST have been positively accepted and GST Council will make necessary changes at next meeting. He stated that technology should be used to improve governance and efforts are being made to make India technology driven society. He said, India is moving towards becoming a knowledge based, skill developed and technology driven economy. More than 90 per cent FDI approval are taking place through automatic route.
Addressing the gathering, World Bank CEO, Kristalina Georgieva said, GST is a commendable reform done by India. She said, the GST reform creates an incredible opportunity for India to grow and it is commendable to see such a huge jump in a country as large as India. She said, the strength of corporative and competitive federalism is the foundation of growth of an economy. Georgieva also said, improvement in India’s ranking in ease of doing business by world bank is impressive and Foreign Direct Investment has been increased under Prime Minister Narendra Modi’s leadership. She said, Prime Minister Narendra Modi’s vision of eradicating poverty by 2022 seems quite achievable.
Speaking on the occasion, Commerce Minister Suresh Prabhu said, government intends to make India a global destination of trade and commerce. He said, Centre has taken a number of initiatives in the last three years and the country is witnessing a paradigm shift in ease of doing business. He said, India has jumped 30 positions and this jump is made possible with the Prime Minister’s mantra of reform, perform and transform.
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