GST to improve India’s business ranking in future, says Prime Minister Narendra Modi

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On Saturday, Prime Minister Narendra Modi showed his confidence that India’s ease of doing business ranking will improve next year when the impact of GST is taken into account. The 67-year-old leader added that India has jumped 42 places in 3 years to enter into the top 100 countries on World Bank’s ease of doing the business ranking. Modi also said that these rankings took reforms initiated only till May-end and does not display the impact of the Goods and Services Tax (GST), which was implemented from July 1.

Prime Minister Modi said that GST has not only integrated the nation of 1.2 billion into one market with single tax rate but also provided a stable and transparent taxation regime. He said that this reform and some other reforms that have already happened but need growth and stabilization time before they are taken into the account of World Bank, which will only improve the ranking. PM Modi said he has “one life, one mission” of bringing change to India and 1.25 billion people of the country. Taking a jibe on the opposition leaders for questioning the ranking, PM said that those who worked with World Bank are now doubting its ranking.

Commenting on the GST, PM Modi said that a group of ministers has positively welcomed issues suggested by traders and businesses and the GST Council will take necessary actions at its next meeting on 9-10 November. Talking about the various reforms that his government initiated, Modi said that India is speedily changing for the better. He further added that areas like registration of new businesses, tax filing and getting electricity connection have seen improvement. “We are among the most open economies of the world,” PM Modi said.

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