Vibrant Gujarat Summit: Narendra Modi says India aims for 'top 50' rank next year in ease of doing business index

The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Narendra Modi said. India is now ranked 77th in the list.

FP Staff January 18, 2019 14:30:55 IST
Vibrant Gujarat Summit: Narendra Modi says India aims for 'top 50' rank next year in ease of doing business index
  • India is aiming at being in the list of top 50 countries in ease of doing business by next year.

  • The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Narendra Modi said.

  • With an average growth rate at 7.3 percent per year in the last four years, GDP expansion has been the highest since 1991, Modi said

Prime Minister Narendra Modi on Friday said India is aiming to be in the list of top 50 countries in ease of doing business next year. The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said. India is now ranked 77th in the list.

"I have asked my team to work harder so that India is in the 'Top 50' list in ease of doing business next year," Modi said in his inaugural address at the 9th edition of the Vibrant Gujarat Summit in Gandhinagar. "Major financial institutions like the World Bank and IMF have expressed confidence in India's economic journey. We are focused on removing the barriers which were preventing us from achieving our full potential," he added.

Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation.

Vibrant Gujarat Summit Narendra Modi says India aims for top 50 rank next year in ease of doing business index

File image of Prime Minister Narendra Modi. PTI

The administration has worked with a focus to reduce government and enhance governance, with the mantra of 'reform, perform, transform and further perform', Modi said.

"Those who visit India regularly would have felt a change in the air. The change is both in terms of direction and intensity. Over the last four years, the focus of my government has been to reduce government and enhance governance," he said.

With an average growth rate at 7.3 percent per year in the last four years, GDP expansion has been the highest since 1991, Modi said.

Making a strong pitch for investment in India, Modi pointed out to the various reforms undertaken by the government to make doing business in India easier and cheaper. "We are focussed on removing barriers that was preventing us from achieving our full potential, " he said.

Formally welcoming the heads of five countries and over 30,000 national and international delegates attending the summit, Modi said their presence indicated that international bilateral cooperation is no longer limited to national capitals, but now extends to state capitals, too.

The Vibrant Gujarat summit has had a transformation journey of 8 successful editions. Gujarat represents the best of business spirit which exist in India, he said, adding, he was happy to see eight other states participate in the summit.

The Vibrant Gujarat Summit was conceptualised in 2003 by Modi who was then Gujarat chief minister to re-establish the state as a preferred investment destination within India.

The event has evolved into a platform for brainstorming on agendas of global socio-economic development, in addition to being a facilitator for knowledge sharing and
forging effective partnerships.

--With PTI inputs

 

 

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