India for slot among Top 50 in EoDB: PM Modi

​Gandhinagar: Prime Minister Narendra Modi on Friday said India is aiming at being in the list of top 50 countries next year in the 'ease of doing business' category. The country's ranking has jumped 75 places in the World Bank's ease of doing business rankings, Modi said. India is now ranked 77th in the list.

"I have asked my team to work harder so that India is in the 'Top 50' list in ease of doing business next year. I want our regulations and processes to compare with the best in the world.

We have also made doing business cheaper," Modi said in his inaugural address at the 9th edition of the Vibrant Gujarat Global Summit here. Modi said his government is focused on removing the barriers which were preventing the country from achieving its potential and will continue with the pace of reforms and deregulation.

Implementation of Goods and Services Tax and measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient, he said. Digital processes, online transactions and single- point interfaces have also helped in doing business faster, he said. Modi said doing business smarter has also been the focus of his government. IT-based transactions in procurement and purchases by the government and digital payments have been steps in this direction. he added.

Addressing the gathering in the presence of political and business leaders from different countries, Modi said Indian administration has worked with a focus to reduce government and enhance governance, with the mantra of 'reform, perform, transform and further perform'. He said the change in terms of direction and intensity has been quite visible since the last four years after his government came to power. Modi said his government has taken several drastic steps and deeper structural reforms adding to the strength of India and its economy.