India’s position in the World Bank’s Ease of Doing Business is to improve further with the Goods and Services Tax (GST) in place, said Prime Minister Narendra Modi during a session on India’s business reforms in New Delhi on Saturday.
According to the recently released “Ease of Doing Business Rankings”, India has reported an improvement of 42 places in the past three years to enter into the top 100 countries.
Explaining the significance of GST, Modi said that the ranking was taken into account till May-end and it does not showcase the effect of GST, that was rolled out on July 1.
“The GST has not just integrated the nation of 1.2 billion into one market with one tax rate but also provided a stable and transparent taxation regime,” he said.
“This reform plus others that have already happened but need gestation and stabilisation time before they are taken into account by the World Bank will improve the ranking,” he said.
Speaking on the achievement, he said that there is no stopping and India’s growth in the world-renowned ranking will further improve.
He added that this achievement is impressive but there is to need to reach a better position in the next year’s ranking is now the ultimate goal. He said he has “one life, one mission” of bringing change to India and its 1.25 billion people.