Government strongly committed to continuing economic reforms: Modi

World Tuesday 10/January/2017 20:00 PM
By: Times News Service
Government strongly committed to continuing economic reforms: Modi

Gandhinagar: Strongly committing to continuing economic reforms, Prime Minister of India Narendra Modi on Tuesday promised to bring a paradigm shift in polity and economy by providing corruption-free regime and easing processes to make India the easiest place to do business.
Addressing the biannual Vibrant Gujarat Global Summit, dubbed 'Davos of the East', that had Fortune 500 CEOs and global leaders in attendance, Modi said creating an enabling environment for business and attracting investments is his top priority.
"We have placed the highest emphasis on Ease of Doing Business," he said. "My government is strongly committed to continue the reform of the Indian economy."
Over the last two-and-a-half years, the government has worked relentlessly to realise India's potential and to set right the economy, he said, adding the results have been encouraging in substantial improvement in key macro-economic indicators like GDP growth, inflation, fiscal deficit, current account deficit as well as foreign investments.
"India has become the fastest growing major economy in the world. Despite the global slowdown, we have registered excellent growth. Today, India is a bright spot in the global economy. We are seen as the engine of global growth," he said.
Stating that highest emphasis has been placed on Ease of Doing Business, he said decisive steps to ease licensing processes and rationalise provisions and procedures relating to clearances, returns, and inspections have been taken.
"We are monitoring implementation of hundreds of action points across various sectors, aimed at improving the regulatory framework. This is part of our promise of Good Governance," he said.
As India moves closer to global best practices, the government's confidence has been boosted by the positive impact of our policies and practices.
"This also gives us the motivation to further simplify our processes to become the easiest place to do business," he said.
Every day, we are further rationalising our policies and procedures, to make it simple for businesses to establish and grow," he said. "We have liberalised our FDI regime in many sectors and in various ways. India is today among the most open economies."
The prime minister said the total Foreign Direct Investment inflows since May 2014 have touched $130 billion, reflecting confidence of foreign investors in Indian economy.
Listing out initiatives taken by his government in last two-and-a-half years to improve business climate in the country, he said Goods and Services Tax (GST) is in offing while Insolvency and Bankruptcy Code, a National Company Law Tribunal, a new arbitration centre for dispute resolution and a new IPR regime are all in place. New commercial courts have also been set up.
Stating that these are just a few examples of the direction of his government, he said, "My government is strongly committed to continue the reform of the Indian economy."
"Our government was elected first and foremost on the promise to provide clean governance and end the prevailing regime of corruption and nepotism. "It is our vision and mission to bring a paradigm shift in the ways of our polity and economy," he said.
Stating that his government has taken a series of decisions and steps to provide clean governance, he said the focus is to shift from "relation based governance to system based governance", from "discretionary administration to policy based administration", from "random interference to technological intervention", from "favouritism to level playing field" and from "informal economy to formal economy."
Prime minister said he has emphasised the need for policy driven governance and use of technology to bring speed and openness in decision making.
"Towards this end, we are working to adopt and absorb newer technologies, to bring about transparency, and to end discretion. Believe me, we are on the threshold of becoming the world's most digitised economy. Most of you wanted this change in India. I am proud to say that it is happening before you," he said.
While India is the fastest growing major economy in the world and is called the bright spot, World Bank, IMF and other institutions have projected even better growth in the coming days.
"In 2014-15, India contributed 12.5 per cent of global growth. Its contribution to global growth is 68 per cent higher, than its share of the world economy," he said. Modi said creating an enabling environment for business and attracting investments is his top priority to create opportunities for youth.
"With that spirit, we are moving towards implementation of some historic initiatives. This includes the Goods and Services Tax," he said.
The efforts of the government have resulted in improvement in India's global rankings.