Starting a business here easier than ever: Modi
New Delhi: Prime Minister Narendra Modi on Friday said starting a business in India is easier than ever before as procedures have been simplified, archaic laws repealed and compliance requirements reduced.
The reforms initiated by the government in the last three years have helped India jump 30 places since last year in the World Bank's Ease of Doing Business ranking to break into the top 100-nation club.
"This is the highest ever improvement for India, and the highest jump for any country this year. From a rank of 142 in 2014, we have now reached the top 100," he said at the World Food India 2017 conference here.
India, the prime minister said, ranked number one in the world in 2016 in greenfield investment and had also rapidly progressed on the Global Innovation Index, the Global Logistics Index and the Global Competitiveness Index.
"Starting a new business in India is now easier than ever before. Procedures for obtaining clearances from various agencies have been simplified. Archaic laws have been repealed, and the burden of compliances has been reduced," he said.
Modi pitched India as one of the fastest growing economies of the world on Friday.
The introduction of Goods and Services Tax (GST) from July 1 has eliminated the multiplicity of taxes, he said further.
Incidentally, the World Bank's Ease of Doing Business ranking does not take into account the impact of GST as June was set as the cut-off for judging the parameters. It will reflect in next year's ranking.
With CEOs of top global and Indian firms in the food processing sector in attendance, Modi invited investment in India's food processing sector and promised full support.
"Come. Invest in India," he said. "The place with an unlimited opportunity from farm to fork. The place to produce, process, and prosper. For India, and for the world."
The prime minister listed out "transformational initiatives" of the government in the food processing sector, namely allowing 100 per cent foreign direct investment (FDI) in trading, including through e-commerce, of food products manufactured or produced, single-window facilitation cell, attractive fiscal incentives and easy credit.