Congratulating everyone who has contributed to India's rise in the ‘Ease of Doing Business' rankings, PM Modi has said that India has walked the talk. "The World Bank has recognized the stupendous work done by us towards improving Ease of Doing Business. We are now among the top hundred countries in the Doing Business rankings. In a short time of three years we have improved forty-two ranks," he said during his address at the Ease of Doing Business event recently. The event was also attended by Kristalina Georgieva, CEO, World Bank.
"I thank Ms. Kristalina Georgieva for being with us on this joyous occasion. It shows World Bank's commitment to encourage nations to undertake reforms which benefit society and economy. Her presence today will motivate our team to do even better in the coming days and months," the PM added.
The PM also said that India's jump in ranking this year is the highest. India has been identified as one of the top reformers. Congratulations to all who have worked for this. You have done the nation proud.
He further added that India has reached a position from where, now it is easier to improve further. Our efforts have gathered momentum. "In management terms, we have achieved critical mass for a swift takeoff. For example, this report has not taken into account the implementation of the Goods and Services Tax or GST. As you all know, GST is the biggest tax reform in the Indian economy. And it impacts many aspects of doing business. With GST, we are moving towards a modern tax regime, which is transparent, stable and predictable."
Saying that India is swiftly changing for the better, the PM also listed some of the other key achievements made by India at the international forum.
- We have moved up thirty two places in the last two years in the Global Competitiveness Index of the World Economic Forum. This is highest for any country;
- We have also moved up twenty one places on the Global Innovation Index of WIPO in two years.
- We have moved nineteen places on the Logistics Performance Index of 2016 of World Bank;
- We are among the top FDI destinations listed by UNCTAD.
"Our mantra is reform, perform and transform. We want to do better and better. I am happy to note that for the first time, the World Bank is helping us in this exercise at the sub-National level too. In a federal democracy like India, it is often not easy to take on board every stakeholder while undertaking reforms. However, over the last three years, there has been a sea change in the response of Governments, both at Central and State level. State Governments are finding innovative ways to create a business friendly environment. While often competing with each other in implementing business reforms, they are also helping each other in implementing them. This is an exciting universe in which competitiveness and cooperation co-exist," Modi added.
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