Prime Minister Narendra Modi on Friday showcased the impact of the multiple steps that his government had taken over four years to give the economy a hard push, stressing that India is ready for business as never before.
“In the last 4 years, we have jumped 65 places in the Global Ranking of World Bank’s Doing Business Report... But we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year,” Prime Minister Modi said at inaugural session of the Vibrant Gujarat Summit.
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“This is the best time to be in India,” the prime minister said to the global investors.
PM Modi said the government had, reduced the cost of doing business by the implementation of GST and other measures of simplification of taxes. This, he said, had reduced transaction costs and made processes efficient.
“We have also made Doing Business Faster through digital processes and single point interfaces,” he said.
{{/usCountry}}“We have also made Doing Business Faster through digital processes and single point interfaces,” he said.
{{/usCountry}}“From the start of business to its operation and closure, we have paid attention in building new institutions, processes and procedures. All this is important, not just for doing business but also for ease of life of our people,” he said.
On the economy, PM Modi said the average GDP growth over the entire term of our government, at 7.3 per cent, has been the highest for any Indian Government since 1991. “At the same time, the average rate of inflation at 4.6% is the lowest for any Indian Government since 1991,” he added.