Prime Minister Narendra Modi on Saturday exuded confidence that India's ease of doing business ranking will further improve next year when the impact of GST - the biggest tax reform - is taken into account.
Modi while addressing India's Business Reforms conference at Pravasi Bharatiya Kendra in New Delhi, said that in a short time of three years, India has improved 42 ranks on World Bank's ease of doing business ranking.
The prime minister said that bringing change to the country and its 1.25 billion people is his mission.
Commenting on India's recent jump by 42 places to rank 100th in the World Bank's 'ease of doing business' ranking, the prime minister said that World Bank ranking does not take into account GST, 'biggest tax reform that provides transparent, stable regime'. He added that India will be at an even better place in 2018 ranking since issues raised by traders, businesses on GST have been positively accepted by the government. This ranking takes into account reforms initiated only till May-end and does not reflect the impact of GST, which was implemented from 1 July, he 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, he said.
This reform plus others that have already happened but need gestation and stabilisation time before they are taken into account by the World Bank will improve the ranking, he said.
All these combined gives me confidence that India will occupy a place of pride in World Bank's report next year and the year thereafter, he said.
Modi said he does not want to sleep over the 30 place jump this year — the biggest leap by India ever — and want to do more.
Taking a dig at the Opposition, Modi said that those who worked with World Bank previously are raising doubts over India's ranking.
"India has reached at a position where it is easy to go further, our efforts have gained momentum," said the prime minister.
He said that when the government decided to bring GST, people were unsure about its implementation. Three months after the tax reform, the GST council meeting was organised and issues raised by traders and business communities were addressed, said Modi.
He said the GST Council at its next meeting on 9-10 November will make necessary changes.
He listed out the reforms initiated by his government, saying India is swiftly changing for the better.
Tax filing, registration of new business and getting electricity connection have been made easier.
"We are among the most open economies of the world," Modi said.
Modi said that ease of doing business also leads to ease of life. He said that India has moved 19 places upon logistic performance index.
The prime minister said that the government is improving the investment climate in the country. "More than 90 percent of FDI approvals have been put on automatic route. FDI inflow has been at all-time high. Total FDI has gone up by 67 percent in the last three years," said Modi.
He said that over the last three years the government has evaluated business regulations. Modi said that the Centre engaged with business communities on regular basis and has addressed their concerns.
Emphasising on the importance of technology, he said that the use of technology should maximize governance. "Along with technology we also need to change the mindset. The past mindset of excessive control should be replaced with minimum government maximum governance.
With inputs from PTI
Published Date: Nov 04, 2017 12:03 PM | Updated Date: Nov 04, 2017 20:30 PM