Despite “attempts to derail” the recently introduced Goods and Services Tax (GST), the states are adopting the new regime at a fast pace, Finance Minister Arun Jaitley said in New York.
Jaitley, who is in the US to attend the annual meeting of the International Monetary Fund and the World Bank, attended an event jointly organised by CII and US India Business Council (USIBC) in New York.
While responding to a question on the biggest challenges for GST, Jaitley said that the global integration of the Indian economy was happening at a time when other economies were becoming more protectionist.
He asserted that India was now a better place to do business with because of the series of steps taken by the government in the past three years.
Jaitley reiterated that procedures to do business had been simplified. And, as much as 95 per cent of the investments were through automatic route, and foreign investment promotion board had been abolished, he noted.
Jaitley told the audience that states were being ranked on ease of doing business and that 99 per cent of tax queries were addressed online.
India is now capable of taking big decisions and implementing them at a large-scale, the finance minister said.
Responding to a question on digital payments, he said the younger generation is taking on to modern payment methods in a big way.
Further, all government benefits are linked directly to bank accounts. The government has introduced low cost insurance policies to incentivise the bank holders, he said.
Jaitley also addressed the US investors on recent economic reform initiatives. He is also slated to address the Columbia University students on later in day on Tuesday. An address at the Harvard University is also scheduled along with an interaction with the US business community in Boston.
In Washington, Jaitley will hold a bilateral meeting with US Commerce Secretary Wilbur Ross.
(With inputs from PTI)