Removing all Barriers
19, Jan 2019
Prelims level : Economy Mains level : Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
- Inaugurating the ninth edition of the Vibrant Gujarat Summit here, prime minister said the country was ready to do business like never before; listing host initiatives his administration had taken to attract investments and improve the ease of doing business ranking.
- At 7.3%, the average GDP growth over the entire term of the government, it has been the highest for any government since 1991 and also at the same time, the average rate of inflation at 4.6% is the lowest for any Indian government since 1991.
- Major financial institutions like the World Bank and IMF have expressed confidence in India’s economic journey. We are focused on removing the barriers which were preventing us from achieving our full potential
- The country had moved up the global ranking in the World Bank’s Doing Business report by 65 places since 2014. Doing business in India is not only easier, it’s also cheaper now because of GST, which has reduced taxes and transaction costs. We are among the largest ecosystems in the world for start-ups. Doing business with us is a great opportunity. This is also because we are among the top 10 FDI destinations in the world. India had received FDI worth $260 billion, which was 45% of the FDI received in the last 18 years.