TIL Desk/Business/Goa-Asserting that results of the reforms undertaken by his government were visible, Prime Minister Narendra Modi on Sunday 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,” Modi told the Brazil, Russia, India, China, South Africa Business Council as part of the eighth summit of the five-nation grouping in Goa.
“We have 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.
The Modi government has undertaken a slew of reforms like passing the indirect taxation legislation on goods and services tax which seeks to make the country a single market, passing the Bankruptcy Code which will help troubled/failed companies find an exit, and through flagship programmes on the administrative front like the ‘Make in India’ and the ‘Digital India’ initiatives. All this has had India’s ranking in ease of doing business go up by multiple notches in a year to 39 as per the latest ranking by the World Bank.
