Prime Minister Narendra Modi has said that the recently introduced Goods and Services Tax (GST) will further improve India’s ranking in the ease of doing business.
The Prime Minister said this while speaking at the Pravasi Bhartiya Kendra in Delhi, where he attended one of the sessions on India’s Business Reforms.
Modi emphasised that in just three years India jumped 42 places to break into the top 100 countries on World Bank’s ease of doing business ranking.
This ranking takes into account reforms initiated only till May-end and does not reflect the impact of the Goods and Services Tax (GST), which was implemented from July 1, he clarified.
Batting for the GST, the Prime Minister said that the new taxation regime not only integrated the nation of 1.2 billion into one market with one tax rate, but also provided a stable and transparent taxation regime.
He expressed confidence that the tax reform would definitely be taken into account by the World Bank.
The measure only needs gestation and stabilisation time, he said.
He hoped that India will do better in the World Bank report in the coming two years.
The Prime Minister said that he has “one life, and one mission” to bring about a change to India and its 1.25 billion people.
At the event, the PM Modi also listed out the reforms initiated by his government.
(With inputs from PTI)