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India aims ‘Top 50’ rank in ease of doing business: Modi
Gandhinagar: Prime Minister Narendra Modi on Friday said that India is aiming at being in the list of top 50 countries next year in the ‘ease of doing business’ category.
The country’s ranking has jumped 75 places in the World Bank’s ease of doing business rankings, Modi said.
India is now ranked 77th in the list.
“I have asked my team to work harder so that India is in the ‘Top 50’ list in ease of doing business next year. I want our regulations and processes to compare with the best in the world. We have also made doing business cheaper,” Modi said in his inaugural address at the 9th edition of the Vibrant Gujarat Global Summit.
Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation.
Addressing the gathering in the presence of political and business leaders from different countries, Modi said Indian administration has worked with a focus to reduce government and enhance governance, with the mantra of ‘reform, perform, transform and further perform’.
He said the change in terms of direction and intensity has been quite visible since the last four years after his government came to power. Modi said his government has taken several drastic steps and deeper structural reforms adding to the strength of India and its economy.
Among these reforms was removing the barriers that prevented India from achieving full potential, he said.
This has led major global financial institutions like the World Bank and the IMF as well as agencies like Moodys to express confidence in Indias economic journey, he said. We will continue the pace and process of reforms and deregulation, he said. Modi said his governments policies have helped bring in foreign direct investment worth USD 263 billion in the last four years, which he said is 45 per cent of the FDI received in the last 18 years.
With an average growth rate at 7.3 per cent per year in the last four years, GDP expansion has been the highest since 1991, Modi said.
Expressing the need to create job opportunities for the young population, Modi said his governments decisions have been directed not just for doing business but also for ease of life of our people.
Modi said his government is keen to raise investment in next-generation infrastructure in roads, ports, railways, airports, telecom, digital networks and energy to help a ‘New India’ take shape that will be modern and competitive and yet caring and compassionate. (PTI)