As per him, India is now ready for business as never before. "We have made doing business easier," he said, adding, "We have also made doing business cheaper."
Though India is ranked at 77 as against 142 in 2014 in the World Bank’s Doing Business Report, Prime Minister Narendra Modi is still not satisfied.
"I have asked my team to work harder so that India is in the top 50 next year. I want our regulations and processes to compare with the best in the world," he said while delivering speech at the inauguration of 9th Vibrant Gujarat Summit 2019 in Ahmedabad today.
As per him, India is now ready for business as never before. "We have made doing business Easier," he said, adding, "We have also made doing business cheaper."
The ease of doing business has been made faster through digital processes, online transactions and single point interfaces, Modi said.
The business doing has been made smarter, he said and added, "We are insisting on IT based transactions in procurement and purchases of government. Digital payments including direct transfer of government benefits is now under full implementation. We are among the largest eco-systems in the world for start-ups and a number of them have come up in the field of technology. I can therefore safely say that doing business with us is a great opportunity."
The historic implementation of Goods and Services Tax and other measures of simplification and consolidation of taxes havereduced transaction costs andmade processes efficient, he told the gathering.
"In FDI Foreign Direct Investment, we are one of the most open countries now. Most of the sectors of our economy are now only open for FDI. More than 90 percent approvals have been put on automatic route. Such measures have propelled our economy into a high growth path. In the last four years, we have received FDI worth 263 billion Dollars. This is 45 percent of the FDI received in last 18 years."
Modi said his government worked hard to promote manufacturing to create jobs for the youth. "Investments through our “Make in India” initiative, have been well supported by programmes like ‘Digital India’ and ‘Skill India’. Our focus also includes bringing our industrial infrastructure, policies and practices to best global standards and to convert India into a global manufacturing hub."