India is changing fast into one of most open economies in world: Modi

Prime Minister Narendra Modi today went on to say that the Goods and Services Tax (GST) introduced in July this year is the biggest economic reform ever in India and said that India is also turning out to be one of the most open economies in the world.

“India is changing fast into one of the most open economies in the world today,” Modi said while addressing the BRICS (Brazil, Russia, India, China, South Africa) Business Council meet here as part of the 9th BRICS Summit.

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“Foreign direct investment inflows are at an all-time high, rising by 40 per cent,” he said.

Stating that India has moved up in the World Bank index of ease of doing business and up 32 spots in last two years in the Global Competitiveness Index, Modi said: “The Goods and Services Tax that was introduced in July is India’s biggest economic reform measure ever. In one stroke, a unified market of 1.3 billion people has been created.”

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He said that programmes like Digital India, Start-up India and Make in India were changing the economic landscape of the country.

“They are assisting India turn into a knowledge based, skill supported and technology driven society,” Modi stated.
He said that the BRICS Business Council played a vital role in giving practical shape to the vision of the bloc’s partnership.

“The partnerships you have forged and the networks you have created are energising the economic growth stories in each BRICS country,” he said, while praising the council for entering into a memorandum of understanding with the New Development Bank (NDB), the multilateral development bank established by the BRICS member states.

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