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18
January 2019
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ease of doing business (The
Total Investment & Insurance Solutions)
Prime Minister Narendra Modion Friday said
that the implementation of GST and other measures of simplification of taxes
have reduced transaction costs and made processes efficient. Delivering his
inaugural address to the ninth edition of biennial Vibrant Gujarat Global
Investors Summit, which went underway at Mahatma Mandir in Gandhinagar, Modi
maintained that "India is now ready for business as never before.”
“In the last 4 years, we have jumped 65
places in the Global Ranking of World Bank’s Doing Business Report,” he pointed
out adding that “but we are still not satisfied. I have asked my team to work
harder so that India is in the top 50 next year.” The Prime Minister claimed
that doing business in India has become cheaper and faster through GST and
other tax reforms as well as through digital processes and single point
interfaces.
“From
the start of business to its operation and closure, we have paid attention in
building new institutions, processes and procedures,” he said adding that “all
this is important, not just for doing business but also for ease of life of our
people”. “At 7.3%, the average GDP growth over the entire term of our
Government, has been the highest for any Indian Government since 1991,” Modi
said.
“At
the same time, the average rate of inflation at 4.6% is the lowest for any
Indian Government since 1991,” he added. “We have worked hard to promote
manufacturing to create jobs for our youth. Investments through our 'Make in
India' initiative, have been well supported by programmes like ‘Digital India’
and ‘Skill India’,” he added further.
Dealing upon the challenges facing India,
Modi said that In India the challenge is to grow horizontally & vertically.
“Horizontally we have to spread benefits of development to regions &
communities that have lagged behind,” he said. “Vertically we have to meet
enhanced expectations in terms of quality of life & quality of
infrastructure,” he added. Speaking earlier, Mukesh Ambani, Chairman &
Managing Director, Reliance Industries NSE 4.40 % Limited lauded the prime
minister as a “Man of Action.” Remembering Mahtama Gandhi on the year of his
150th birth anniversary, Ambani said that while Gandhiji led India’s movement
against political colonisation.”Today, we have to collectively launch a new
movement against data colonisation.”
“In
this new world, data is the new oil. And data is the new wealth”, he said
adding that India’s data must be controlled and owned by Indian people - and
not by corporates, especially global corporations. “For India to succeed in
this data-driven revolution, we will have to migrate the control and ownership
of Indian data back to India - in other words, Indian wealth back to every
Indian.” he added further and urged the Prime Minister to make this “one of the
principal goals” of his Digital India NSE 0.00 % mission. The Total Investment & Insurance
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