India's 'Ease of Doing Business' ranking will improve FDI inflow

India's 'Ease of Doing Business' ranking will improve FDI inflow

India's 'Ease of Doing Business' ranking will improve FDI inflow

Slamming the opposition leaders who have ridiculed India's jump from 142 to 100 in World Bank's ease of doing business ranking, Prime Minister Narendra Modi on Saturday said some people have no work but to question others.

In the wake of India's progress as highlighted in the recent "Ease of Doing Business" report published by the World Bank, the Federation of Indian Chambers of Commerce and Industry (FICCI) opined that this new achievement would help improve the inflow of Foreign Direct Investment (FDI).

He said that the government is putting efforts to make business environment simpler and inducive, claiming that more than 90 per cent of FDI approvals are taking place through automatic route.

In its 2017 edition, the World bank ranked India at 130th position among the 190 countries. If this seems a little hyperbolic, World Bank CEO Kristalina Georgieva appeared no less enthusiastic about India's prospects after this "rare" achievement, and suggested that by 2047 - meaning in 30 years' time - when India celebrates 100 years of Independence, it would have become a "higher-range middle-income country".

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On the implementation of the Goods and Services Tax (GST), Modi said GST is the biggest tax reform in the history of India and it was "fulfilling global expectations". According to World Bank's classification, India is now catagorised as a lower middle-income country with a per capita Gross National Income (GNI) of between $1,006 and $3,955.

"We are among the most open economies of the world", Modi said.

There are many other reforms which have already happened, but need gestation and stabilisation time, before they are taken into account by the World Bank.

"Our mantra is reform, perform and transform. With GST we are moving towards modern tax-regime", PM Modi added. He said that India has moved 19 places up on logistic performance index.

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The prime minister further said that the previous governments lacked will power and their priorities were not in the right place. "Total FDI has gone up by 67 per cent in the last three years", said Modi. However, over the last three years, there has been a sea change in the response of governments, both at central and state level.

Emphasising on the importance of technology, he said the use of technology should maximise governance.

The report also mentioned the substantive changes implemented by the Government in 2016-17, including merging of applications for Permanent Account Number (PAN) and Tax Account Number (TAN) for starting a new business.

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