1. GST will make bigger impact in World Bank Ranking next year, says PM Narendra Modi

GST will make bigger impact in World Bank Ranking next year, says PM Narendra Modi

PM Modi asserted that the ease of doing business ranking will improve even more next year when the impact of GST will be taken into account. The current ranking only takes into account the reforms initiated only till May-end and does not reflect the impact of the Goods and Services Tax (GST), which was implemented from July 1.

By: | New Delhi | Published: November 4, 2017 12:04 PM
PM Modi, Narendra Modi, World Bank ranking, World Bank ease of doing business, ease of doing business, Moodi World Bank, india's business reforms, gst, gst world bank, tax filing modi, ease of doing business news, gst news, Narendra modi news, world bank news Prime Minister Narendra Modi during the presentation of India’s Business Reforms at Pravasi Bharatiya Kendra in New Delhi hailed the World Bank ranking on the ease of doing business given to India and said the “World Bank has recognised stupendous work done by us towards ease of doing business”. (Photo: ANI/Twitter)

Prime Minister Narendra Modi during the presentation of India’s Business Reforms at Pravasi Bharatiya Kendra in New Delhi hailed the World Bank ranking on the ease of doing business given to India and said the “World Bank has recognised stupendous work done by us towards ease of doing business”.  Prime Minister further said that the ranking improved only because the current government chose the path of reforms. Prime Minister Modi speaking on the subject during the presentation was quoted saying by ANI, “There are many who will be questioning the World Bank ranking, some people will always be there who cannot digest India’s World Bank ranking.”  PM while taking a dig at the opposition leaders for doubting the ranking said that those who worked with World Bank are now doubting its ranking.

PM Modi asserted that the ease of doing business ranking will improve even more next year when the impact of GST will be taken into account. The current ranking only takes into account the reforms initiated only till May-end and does not reflect the impact of the Goods and Services Tax (GST), which was implemented from July 1. Modi added. “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.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, according to a report by PTI.  On the GST, he said a group of ministers has positively accepted issues raised by traders and businesses and the GST Council at its next meeting on November 9-10 will make necessary changes.

According to PM, ease of doing business will lead to ease of living life and emphasised that his “one life, one mission” is to bring change to India and its 1.25 billion people. 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.

India, recently, jumped 30 spots to secure a place among the top-100 countries on the World Bank’s ease of doing business ranking list of 2018. With that leap, India became the first ever country to make such a high jump.

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