Modi hails sweep­ing re­forms for In­dia's fast growth

The Myanmar Times - - International Business -

PRIME Min­is­ter Naren­dra Modi said yes­ter­day In­dia was be­com­ing the world’s most at­trac­tive des­ti­na­tion for for­eign in­vestors, us­ing his an­nual In­de­pen­dence Day speech to trum­pet sweep­ing tax re­forms de­signed to spur growth.

In an ad­dress from Delhi’s 17th­cen­tury Red Fort, Mr Modi sought to high­light his gov­ern­ment’s achieve­ments, in­clud­ing the re­cent pas­sage of a land­mark tax re­form, that have con­trib­uted to In­dia’s ro­bust growth dur­ing a global slow­down.

“Be it the World Bank, the IMF [In­ter­na­tional Mon­e­tary Fund], World Eco­nomic Fo­rum or even credit rat­ing agen­cies, all the in­sti­tu­tions of the world have ap­pre­ci­ated In­dia’s de­vel­op­ment,” Mr Modi said.

“Thanks to In­dia’s con­tin­u­ous re­forms and im­prove­ment in its laws and sys­tems, a change in its ap­proach – the world is watch­ing us,” he added.

“We have im­proved In­dia’s rank in ease of do­ing busi­ness rapidly. In­dia has be­come the most favoured na­tion in the world for for­eign di­rect in­vest­ments. In­dia has out­paced some of the big­gest na­tions in the world with its growth rate, GDP [gross do­mes­tic prod­uct].”

In­dia’s GDP ex­panded 7.6 per­cent in 2015-16, mak­ing it the fastest­grow­ing ma­jor econ­omy in the world and out­pac­ing its ri­val China’s growth rate.

Mr Modi went on to thank all po­lit­i­cal par­ties for clear­ing ear­lier this month the long-awaited Goods and Ser­vices Tax (GST) bill, which had been blocked by the op­po­si­tion since he came to power in 2014.

The bill will re­place a patch­work of cen­tral and state levies on goods and ser­vices and marks In­dia’s most sig­nif­i­cant eco­nomic re­form in decades.

Mr Modi said his gov­ern­ment had been suc­cess­ful in bring­ing down re­tail in­fla­tion from dou­ble dig­its to around 6pc, adding that he was work­ing with the cen­tral bank to lower prices to 4pc with a plus or mi­nus 2 per­cent band.

“I will con­tinue to strive hard to en­sure that this in­fla­tion doesn’t af­fect the food plate of the poor,” he said.

Photo: EPA

Naren­dra Modi has great hopes for In­dia's econ­omy.

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