In­dus­try cap­tains, pol­i­cy­mak­ers sing in cho­rus on growth story

DNA Sunday (Mumbai) - - SECOND FRONT PAGE -

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

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