Asserting that results of the reforms undertaken by his government were visible, Prime Minister Narendra Modi said the country has transformed into “one of the most open economies” in the world with a strong growth rate.
“We have undertaken substantial reforms in the past two years to streamline and simplify governance, especially in doing business. The results are clearly visible,” said PM
Addressing the Brics Business Council as part of the eighth summit of the five-nation grouping Goa on Sunday Prime Minister said that India has moved up in almost all global indices that measure such performances.
“We have transformed India into one of the most open economies in the world today. Growth is strong and we are taking steps to keep the momentum going,” the Prime Minister said.
Talking about the reforms like goods and services tax, the Bankruptcy Code and flagship scheme, Make in India and the ‘Digital India’, PM said that India’s ranking on ease of doing business has gone up by multiple notches in a year as per the latest ranking by the World Bank.
Modi said there were a slew of “matching priorities” between the business council and that of his administration, including dismantling trade barriers, promoting skills development, establishing manufacturing supply chains and infrastructure development.
“Infrastructure has been a key focus of the government and investment of an estimated USD 1 trillion has been made to build roads/highways, airports and seaports over the next decade, ” said PM addressing the BRICS Council.
Modi also underlined the need for promoting economic and commercial ties and described this as a “foundational impulse” of the idea of BRICS, and added that partnerships create wealth and value in societies.
PM applauded the work done by New Development Bank over the last year and asked the lender to work closely with the Brics Business Council for identifying and implementing large infra projects which can help transform the economies and the lives of the poor.
The Shanghai-headquartered NDB has a book of USD 911 million and plans to close 2016 with a book of USD 1 billion, which will be raised up to USD 2.5 billion by end of 2017.