Speed Post News Network
New Delhi : PM Narendra Modi on November 4, 2017, said the GST is the biggest tax reform in the Indian economy and it impacts many aspects of doing business. “With GST, we are moving towards a modern tax regime, which is transparent, stable and predictable,” the PM said while addressing a function organised here to mark the massive jump by India in World Bank’s ease of doing business ranking.
” For me, the World Bank report shows that quantum change is possible through commitment and hard work. Continued efforts can help us improve even further. I say this because, India has reached a position from where, now it is easier to improve further. Our efforts have gathered momentum. In management terms, we have achieved critical mass for a swift take off. This report has not taken into account the implementation of the Goods and Services Tax or GST. There are many other reforms which have already happened, but need gestation and stabilization time, before they are taken into account by the World Bank. There are a few other reforms where our team and the World Bank team need to find common ground. All this, combined with our conviction to do even better, gives me the confidence that India will occupy a place of pride in the World Bank report next year and in the years thereafter,” the PM said, according to a PIB release.
” We are a young country and job creation is an opportunity as well as a challenge. Therefore, to leverage the energy of our youth, we are positioning India as a Start-up Nation and a global manufacturing hub. For this purpose, we have launched various initiatives, such as Make in India and Start-up India.Through these initiatives, combined with the new eco-system of a formal economy and a unified tax regime, we are trying to create a NEW INDIA. We are among the top FDI destinations listed by UNCTAD. We have moved up thirty two places in the last two years in the Global Competitiveness Index of the World Economic Forum. This is highest for any country. We have also moved up 21 places on the Global Innovation Index of WIPO in two years and 19 places on the Logistics Performance Index of 2016 of World Bank, ” the PM said.