A great improvement is now visible in just four years, PM Modi said. (File)
Prime Minister Narendra Modi on Monday set an ambitious target of India breaking into top 50 nations on the World Bank's ease of doing business ranking and said efforts are on to nearly double the size of country's economy to USD 5 trillion.
In his opening remarks at a meeting called on ease of doing business ranking with the Indian industry, PM Modi said the era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult the country from 142nd rank among 190 nations on the World Bank's ease of doing business ranking in 2014 to 77th position this year.
Reforms will continue and procedures would be further eased to make it easier for companies to do business in the country, he said adding efforts are on to increase the size of the economy to USD 5 trillion.
PM Modi said it is an outcome of India's consistent reforms trajectory that the country's position is getting credence globally and is being recognised by international bodies like the IMF, World Economic Forum and UNCTAD.
"All these institutions are confident and hopeful of our future due to the pace of our reforms. Amid the persistent efforts in the country, now our effort is to take India to the 5 trillion dollar club as soon as possible. To achieve this goal we will have to improve every sector of the economy," the prime minister said.
The prime minister recalled that when he had first articulated his vision for India to break into the top 50 in ease of doing business ranking in the years to come, it was greeted with scepticism.
A great improvement is now visible in just four years, PM Modi said adding that the central and state governments have both worked together towards improving the ease of doing business ranking, in the spirit of cooperative and competitive federalism.
The prime minister further said it is necessary to reduce human intervention in processes and increase the use of modern and digital technologies.
Advocating a work culture based on modern technologies, he said it will further promote policy driven governance.
A Working Group tasked to develop a road map towards achieving a five trillion dollar economy by 2025 has prepared its report. The group was constituted by the Department of Industrial Policy and Promotion in the Ministry of Commerce and Industry with participation from government and industry.
India is one of the fastest growing major economies and is currently ranked as the world's sixth largest economy. Projections of growth, over the medium term, remain encouraging and optimistic for India.
The prime minister said all efforts are on to improve India's ranking in the World Bank's Doing Business Report among the top 50 nations.
India was ranked 142nd among 190 nations when the Narendra Modi's government took office in 2014.
At that time, the country was battling perceptions of excess red-tape and policy paralysis, PM Modi said.
Four years of reform pushed up India's rank to 100th in the World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when India was ranked lower than Iran and Uganda.
In its annual 'Doing Business' 2019 report, India secured 77th position. New Zealand tops the list, followed by Singapore, Denmark and Hong Kong. The United States is placed at 8th and China ranked 46th. Neighbouring Pakistan is placed at 136.
India has improved its ranking by 53 positions in the last two years and 65 places in four years since 2014.
The World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.
The prime minister further said the government was working on new a industrial policy to blend realities with progress.
"A policy which can understand the industry...this policy will be in line with the vision of a new India," he said.
PM Modi also highlighted a host of reforms like the GST undertaken during the NDA government.
PM Modi also launched the Ease of Doing Business Grand Challenge. The objective of this challenge is to invite innovative ideas based on Artificial Intelligence, Internet of Things, Big Data Analytics, Blockchain and other cutting edge technologies to reform government processes. The platform for the Grand Challenge is the Startup India Portal.