Modi government aiming for top 50 rank in ease of doing business list next year

By: | Updated: January 19, 2019 7:09 AM

Inaugurating the ninth edition of the biennial Vibrant Gujarat Global Summit (VGGS) in the state capital Gandhinagar, Prime Minister Narendra Modi claimed that those travelling to India frequently over the past four years were witnessing a palpable change in the air brought about by his government’s business-friendly policies.

pm narendra modi, narendra modi, ease of doing businessPrime Minister Narendra Modi during the inauguration of the summit in Gandhinagar on Friday. (AP)

Inaugurating the ninth edition of the biennial Vibrant Gujarat Global Summit (VGGS) in the state capital Gandhinagar, Prime Minister Narendra Modi claimed that those travelling to India frequently over the past four years were witnessing a palpable change in the air brought about by his government’s business-friendly policies.

“Reform, perform, transform and further perform is the mantra of my government. India is ready for business as never before. The country has jumped 65 places in the Global Ranking of World Bank’s Doing Business Report from 142nd rank to 77th in the past four year. By next year, we aim to be in the list of top 50 nations,” said the prime minister addressing a gathering of business leaders and heads of states from four nations. Seeming unusually preoccupied, the PM wrapped up his inaugural address in 20 minutes using the VGGS platform to showcase 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.

He maintained that simplification of taxes through GST had reduced transaction costs and ultimately made processes efficient. “Doing business in India has become cheaper and faster as a result of tax reforms done by the present government coupled with adoption of digitalisation and single-point interfaces,” he stated.

Terming the VGGS as a truly global event, he said that the biennial event has a dignity due to the presence of senior politicians and it has energy as a result of the attendance of CEOs. Moreover, participation of prestigious organisations and institutions has given gravitas to the summit coupled with the vitality of youngsters representing start-ups, he added.

Over 30,000 business delegates from more than 100 countries are attending the three-day summit initiated on Friday. VGGS-2019 has been supported by 15 partner countries, eight Indian states and 11 partner organisations. The tradeshow being organised near Mahatma Mandir, the venue of VGGS, is expected to be visited by over 1.5 million people in coming days.

Modi also claimed that GDP growth during his term as prime minister remained at 7.3% on and average, which has been the highest compared to any other government at the Centre since 1991. For the same period the inflation rate too remained the lowest at 4.6%, said the PM.

“We are aiming at growing horizontally and vertically. Horizontally we want to spread benefits of development to regions and communities that lagged behind. Vertically we want to enhance quality of life and infrastructural facilities. For the purpose we want worldclass technologies,” he said, inviting global investors to take advantage of democracy, demography and demand in India.

“This is the best time to be in India,” the prime minister said to the global investors. “We have also made doing business faster through digital processes and single point interfaces,” he said.

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“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.

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