Prime Minister Narendra Modi exuded confidence that India's ease of doing business ranking will further improve next year when the impact of the Goods And Services Tax is taken into account.
Modi said India has jumped 42 places in three years to break into top 100 countries on World Bank's ease of doing business ranking.
This ranking takes into account reforms initiated only till May-end and does not reflect the impact of GST, which was implemented from July 1, he said.
The landmark indirect tax reform has not just integrated the nation of 1.2 billion into one market with one tax rate but also provided a stable and transparent taxation regime, he said.
These reforms which have already been implemented needs gestation and stabilisation time before the World Bank takes them into account, but will only improve India's ranking, he said.
“All these combined, gives me confidence that India will will have a place of pride in World Bank's report next year and the year thereafter,” he said.
He said he has "one life, one mission" of bringing change to India and its 1.25 billion people.
Also Read: A Recipe To Propel India Into The Top 50 In Ease Of Doing Business Rankings
Taking a dig at the opposition for doubting the ranking, he said those who worked with the World Bank are now doubting its ranking.
On GST, he said a group of ministers have already accepted issues raised by traders and businesses and the GST Council at its next meeting on November 9-10 will approve the necessary changes.
He listed out the reforms initiated by his government, saying India is swiftly changing for the better. Tax filing, registration of new businesses and getting electricity connection have been made easier, he said.
"We are among the most open economies of the world," Modi said.
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