India aims to be in 'Top 50' rank by next year in EoDB: Modi

 
Mr. Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation. He said, implementation of Goods and Services Tax and measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient. Digital processes, online transactions and single- point interfaces have also helped in doing business faster, he added.
 
Mr. Modi said doing business smarter has also been the focus of his government. IT-based transactions in procurement and purchases by the government and digital payments have been steps in this direction, he added.
 
Addressing the gathering in the presence of political and business leaders from different countries, Mr. Modi said Indian administration has



worked with a focus to reduce government and enhance governance, with the mantra of 'reform, perform, transform and further perform'.
 
Mr. Modi said his government has taken several drastic steps and deeper structural reforms adding to the strength of India and its economy. This has led major global financial institutions like the World Bank and the IMF as well as agencies like Moodys to express confidence in India's economic journey.
 
Mr.Modi said his government is keen to raise investment in next-generation infrastructure in roads, ports, railways, airports, telecom, digital networks and energy to help a 'New India' take shape that will be modern and competitive and yet caring and compassionate.
 
Participating in the Summit, leaders from various countries, international organisations and business world praised the visionary leadership of India for higher growth and development.