The series of ambitious reforms introduced by Prime Minister Narendra Modi’s government in the last few years will make India a very competitive and productively-efficient economy in the long run, a top Indian official said recently.
People here believe that the fundamental reforms that have been gathered out in India across the economy, including GST, in terms of ending crony capitalism with the bankruptcy code, in terms of real estate reforms through RERA and in terms of direct benefit transfer, “will make India a very competitive and productively-efficient economy in the long run,” Kant said.
“India’s story has just begun,” he added.
“Our process of urbanisation, infrastructure creation, using technology to leapfrog has just begun and you will see a huge growth in the next three decades on the foundation of the reforms that have been carried out,” Kant asserted.
Replying to a question on the economic growth figures, which are among the lowest in recent years, Kant said these were short-term indicators and that India was on track to be a $5 trillion economy.
“The goal of the government is to make it a $5 trillion economy by 2025. We are all working towards that. We will deliver that and make India one of the easiest and simplest countries in the world.
“We are determined to reach the top 50 in the next year on World Bank’s ease of doing business index and in the top 25 in the next three years,” he said, adding, “This goal is very much achievable.”
Earlier in the day, Kant formally released the India Innovation Index in the United States at an event organised by the US India Business Council, along with Google.
India, under Prime Minister Narendra Modi, was moving fast on the track of ease of doing business, Kant said.
The prime minister, he said, had given the bureaucracy the challenge to crack India into the top 50 of the ease of doing business index in the next one year and into the top 25 in the next three years, he said, adding, “He has asked us to make India very easy and simple.”