India wants to be in top 50 list for ease of doing business: Modi

Gujarat Global News Network, Gandhinagar

Prime Minister Narendra Modi on Friday said that India is aiming at being in the top 50 countries list for ease of doing business. Inaugurating the 9th edition of Vibrant Gujarat Summit here he highlighted the policies of his government and urged investors to be part of India’s growth story.

In the last four years, we have jumped 65 places in the Global Ranking of World Bank’s Doing Business Report. From 142 in 2014 to 77 now, but we are 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. We have also made Doing Business cheaper, the PM said.

The PM said that the country has 7.3%, the average GDP growth. At the same time, the rate of inflation at4.6 % is the lowest for any Indian Government since 1991, when India began its process of liberalization. We believe that fruits of development must reach people with ease and efficiency, he added.

Appealing the gathering which saw a number of businessmen, industrialists and foreign investors Modi said in FDI Foreign Direct Investment, India is 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.

Our challenge is to grow horizontally as well as vertically, the PM said. Horizontally, we have to spread the benefits of development to regions and communities that have lagged behind. Vertically, we have to meet enhanced expectations in terms of quality of life, quality of services and quality of infrastructure. We are well aware that our achievements, here in India, will directly impact one sixth of humanity.

 

Claiming that there was change in the government over the last four years he said the focus of present Government has been to reduce Government and enhance Governance. “The mantra of my Government has been Reform, Perform, Transform and further Perform. We have taken a number of drastic steps. We have focused on removing the barriers which were preventing us from achieving our full potential. We will continue the pace and process of reforms and de-regulation”, he said.

The ninth edition of the summit has participation from 15 partner countries and 11 partner organisations. Eight states are also participating in the summit which will see MoUs for investments worth thousands of crores for various projects.

More than 18 industry captains and CEOs are attending the summit. A global trade show where more than 100 MSMe are participating will showcase their products and offer them business opportunity.

For news in Hindi see our Hindi daily Chaupal Chronicle

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