Hailing his government policies like demonetisation and aadhaar card linking, Prime Minister Narendra Modi on Monday said that these along with other reform measures have resulted in the formalisation of a big part of the Indian economy.
Addressing the ASEAN business forum in Manila, Modi said, “We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high-value notes has resulted in formalising a large part of our economy.” He also added that the number of taxpayers who filed the returns have surged and that India is moving towards being a cash-less economy as suggested by the number of digital transactions taking place in the country.
The prime minister highlighted the roll-out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, as a part of policies initiated to bring transparency in the financial sector. He also said that his efforts are directed towards making India a more transparent nation and ensure that everything in the country matches the global standards. “We are working day and night towards easy, effective and transparent governance,” he said.
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Talking about the ease of doing business in India, the prime minister said that his government has repealed over 1000 outdated laws that created difficulties for the investors. Inviting the businessmen to come and invest in India, Modi said that major sectors in the country are open for foreign investment. “We are now a globally integrated economy.”
Referring to the Act East policy of the government he said, “We have exceptionally good political and people-to-people relations with each and every country in the ASEAN region. We wish to bring our economic and business relations up to the same level.”
(With inputs from PTI)