Prime Minister Narendra Modi was addressing an investors summit in Dehradun, Uttarakhand. (File)
Highlights
- More than 1,400 laws been repealed, major tax reforms brought in: PM Modi
- PM Modi said the GST has been the "biggest tax reform since independence"
- "Infrastructure development is taking place at a "record speed"," he said
Prime Minister Narendra Modi today said India is going through major social and economic changes and the resultant "new India" will prove to be a catalyst for global development. "Every major institution in the world is predicting that in the coming decades, India is going to be the driving engine of world growth," PM Modi said at an investors summit in Dehradun, Uttarakhand.
He said India's economy has stabilised over the last few years, fiscal deficit has come down, inflation is under control and the middle class is rising.
"The scale and speed at which reforms are happening are unprecedented. In the last two years, the central and state governments have ushered in more than 10,000 reforms. Thanks to this, India has made a significant jump of 42 points in the global 'ease of doing business' index," the Prime Minister said.
"As part of these reforms, more than 1,400 laws have been repealed. Major tax reforms have been brought in," he added.
PM Modi said the Goods and Services Tax (GST) has been the "biggest tax reform since independence" that has made the entire country into a single market and widened the tax base.
He said infrastructure development is taking place at a "record speed" with more than 10,000 kilometres of national highways built in the last one year.
"It means over 27 km road built per day. This rate is double as compared to road development during previous governments," PM Modi said.