Industry captains, policymakers sing in chorus on growth story
has taken steps to improve the situation by implementing GST and other reforms,” he said.
Department of Industrial Policy & Promotion Ramesh Abhishek said the ease of doing business (EoDB) has gained importance under Modi government. The efforts pushed up India’s ranking 65 places from 142nd in 2014 to 77th in 2018 in EoDB.
“It is an ongoing process that we take efforts to enhance flexibility and makes it easy to conduct business activities in the countries. To facilitate this, ranks are given state wise to as to create a sense of competition between states and make business activities smooth,’’ said Abhishek. He added that the introduction of GST was a great example of teamwork where the Central and states have worked together.
Aditya Birla Group chief economist Ajit Ranade said reforms are permanent and continuous. “The introduction of GST, India’s improved ranking in EoDB, the launch of Insolvency and Bankruptcy Code will further spur the growth. It is important to note here that the while the Indian economy was opened up promoting free entry for investments after major structural reforms in 1991, with the Insolvency and Bankruptcy Code an option of free exit is introduced for businesses,” he noted.
Chairman of Godrej Group