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

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

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

As per the 2018 version of the Ease of Doing Business index, India has been amongst the world's top ten improvers worldwide and a leading regional reformer. "They are raising questions on India's ranking even today". "We are particularly keen to develop India into a knowledge based, skill supported and technology driven society", he said citing the Digital India and Skill India initiatives.

PM Modi also criticized the opposition for constantly making negative statements on India's ranking.

On the implementation of the Goods and Services Tax (GST), Modi said GST is the biggest tax reform in the history of India and it was "fulfilling global expectations".

"India has reached at a position where it is easy to go further, our efforts have gain momentum", said the prime minister.

India has jumped to 100th place in the World Bank's Ease of Doing Business index, jumping 30 ranks from a year ago, in an endorsement of the string of reforms implemented by the Narendra Modi 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. He said almost all issues raised by small and medium enterprises at the GST Council were being positively accepted. If this seems a little hyperbolic, World Bank CEO Kristalina Georgieva appeared no less enthusiastic about India's prospects after this "rare" achievement, and suggested that by 2047 - meaning in 30 years' time - when India celebrates 100 years of Independence, it would have become a "higher-range middle-income country". According to World Bank's classification, India is now catagorised as a lower middle-income country with a per capita Gross National Income (GNI) of between $1,006 and $3,955.

There are many other reforms which have already happened, but need gestation and stabilisation time, before they are taken into account by the World Bank.

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Ease of doing business also leads to ease of life.

Through these initiatives, combined with the new eco-system of a formal economy and a unified tax regime, we are trying to create a "New India" - an India where opportunities are created and harnessed to the advantage of the needy.

"In the last three decades, India's per capita income has quadrupled". We want to do better and better.

The ranking took into account reforms initiated only till May-end, he said.

"We engaged with businesses on a regular basis, understood their concerns and sought to modify regulation to address their concerns", he said. "This is an exciting universe in which competitiveness and cooperation co-exist", he said.

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