BRICS Summit: FDI inflow at all-time high, global ranking improving, says PM Modi

India is fast changing into one of the most open economies in the world, with improvements on global indices and the biggest ever reform GST weaving the nation into one unified market, Prime Minister Narendra Modi said on Monday.

In his intervention at the Dialogue with BRICS Business Council, he said programmes to promote use of digital mode for payments and transactions, encourage start-ups to set up businesses and boost local manufacturing are changing the economic landscape of the country. “India is changing fast into one of the most open economies in the world today. Foreign direct investment inflows are at an all-time high, rising by 40 per cent,” Modi said.
In 2016-17, foreign fund inflows aggregated USD 60.08 billion, or about Rs 3,86,885 crore. “India has moved up on the World Bank index of Ease of Doing Business. Similarly, we have moved up 32 spots in the last two years on the Global Competitiveness Index,” the prime minister added.

Modi pitched the Goods and Services Tax (GST) in a big way, which unified more than a dozen taxes from July 1, as India’s biggest economic reform ever. “In one stroke, a unified market of 1.3 billion people has been created,” he …read more