India is changing fast into one of the most open economies: Modi

The Dollar Business Bureau

Indian Prime Minister Narendra Modi on Monday told the leaders of BRICS bloc that India is fast becoming one of the world’s most open economies, with improvement on global business indexes and the largest ever tax reform of GST that weaved the country into one combined market.

The initiatives taken by the Government for promoting the use of digital mode for transactions and payments, to boost domestic manufacturing and schemes to encourage start-ups for setting up businesses are transforming the economic landscape of India, he said while addressing the BRICS Business Council in Xiamen, China.

“India is changing fast into one of the most open economies in the world today. Foreign direct investment (FDI) inflows are at an all-time high, rising by 40%. India has moved up in the World Bank Index of Ease of Doing Business. Similarly, we have moved up 32 spots in last two years in the Global Competitiveness Index,” he said. 

Taking the opportunity of the presence of leaders and businessmen from the four BRICS countries, Modi highlighted the economic reforms undertaken under his leadership by describing the new GST regime as the biggest ever economic measure and mentioning the record FDI inflow increase by 40%, with an aim to attract further investment in the country to boost growth. 

“In one stroke, a unified market of 1.3 billion people has been created. Programmes like Digital India, Start Up India and Make in India are changing the economic landscape of the country. They are assisting India to turn into a knowledge based, skill supported and technology driven society,” he said. 

Highlighting the developments made in the field of business partnership by BRICS, the Prime Minister said he is happy to mention that the BRICS Business Council has similar priorities of promoting skills development, trade & investment facilitation, SME Development, infrastructure development, digital economy, and e-commerce.

“Your work towards the establishment of a BRICS Rating Agency, energy cooperation, green finance, and digital economy is particularly noteworthy... And we also count on the BRICS Business Council to take us closer to our common objective of improving business and investment cooperation,” he said.