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  Business   Economy  04 Nov 2017  GST to improve India's ease of doing biz ranking further: Modi

GST to improve India's ease of doing biz ranking further: Modi

THE ASIAN AGE.
Published : Nov 4, 2017, 11:44 am IST
Updated : Nov 4, 2017, 12:09 pm IST

Prime Minister Narendra Modi also said that India's current ranking will make it easier to improve further.

Prime Minister Narendra Modi on Saturday said India is at a position now from where it is easier to improve further. (File Photo)
 Prime Minister Narendra Modi on Saturday said India is at a position now from where it is easier to improve further. (File Photo)

New Delhi: Recognising India’s 30-rank leap into the top 100 economies on World Bank’s ‘ease of doing business’ index, Prime Minister Narendra Modi on Saturday said that the country’s effort has gathered momentum and India is at a position from where it is easier to improve further.

Speaking at India's Business Reforms event at Pravasi Bharatiya Kendra in the capital, the Prime Minister said, “I sense a well deserved mood of celebration here. World Bank has recognised the stupendous work done by us towards ease of doing business.”

India breaking into the top 100s’ club came on the back of a slew of reforms like faster to start business, reduction in procedures and time involved in obtaining a building permit, easier access to credit, protecting minority investors, ease of paying taxes, trading across borders, enforcing contracts and easier resolution of insolvency.

“Ease of doing business also leads to ease of life,” said Modi, adding that the government has abolished 1,200 archaic laws that complicated the ease of doing business in India.

India’s ranking on the World bank’s ‘ease of doing business’ list also brought much relief and reason to celebrate for the Modi government which had been reeling under criticism for worrying economic indicators.

The Prime Minister exuded confidence that India's ranking will improve further on the back of the country's biggest tax reform - the Goods and Services Tax (GST), rolled out earlier this year. "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.

"Almost all GST problems are being addressed. In future, we are ready to make changes in GST," the Prime Minister added.

Modi further said that he had one motto in life - to serve the 1.25 billion Indians and bring about change in their lives.

Taking a dig at the Opposition, Modi said had this ranking been achieved earlier, we would have been a better nation by now. “Instead of questioning the ranking on the respective World Bank index, we should strive towards making India a better nation,” he said.

The Prime Minister also made a dig at his critics by saying that some people do not understand India's improvement. "Aur isme kuch log aise hain jo pehle World Bank mein reh chuke hain. Vo aaj bhi Bharat ki ranking pe sawal utha rahe hain (some of these people are those who have been with the World Bank in the past. Yet, they are raising questions on India’s ranking even today).”

"Main aisa PM hoon jisne World Bank ki building bhi nahi dekhi hai, jabki pehle World Bank ko chalane wale log yahan baitha karte they (I am a PM who has not even seen the World Bank building whereas those running the World Bank used to run this country before)," he added sarcastically.

Tags: ease of doing business india, world bank, prime minister narendra modi
Location: India, Delhi, New Delhi