Prime Minister (PM) Narendra Modi while delivering the keynote address at the Bloomberg Global Business Forum (GBF) 2019 in New York, said that it is decisiveness, along with democracy, demography and demand make India a unique country, especially as factors for growth. He also said that despite being a diverse and federal democracy, the country has ensured that seamless, inclusive and transparent systems remain in place.
Addressing some of the biggest business leaders in the world, PM Modi also mentioned the initiatives taken by his government to ensure India's remain more than competitive. He highlighted how in the last five years, a huge chunk of the Indian population was provided with access to necessary amenities like bank accounts, a unique ID and a mobile phone. PM Modi stated that it is because of such reforms that India has been performing well in all the global rankings.
#ModiPowerPush | Today there are four important factors of India's growth story which are difficult to meet in the world together. These 4 factors are Democracy, Demography, Demand and Decisiveness: PM Modi at the Bloomberg Global Business Forum 2019— Republic (@republic) September 25, 2019
He went on to list numerous reforms, emphasising 'decisiveness':
"Where earlier the tax system was a hurdle in India, now in the form GST, a single indirect tax regime has become a part of the entire country's business culture. To make IPR and Trademark regimes stronger, we have done enough work. In the same way, to counter insolvency and bankruptcy, we have formed an insolvency and bankruptcy code. To bring laws related to tax and tax on equity investments at par with the global regime, we will constantly be improvising"
He continued, "Apart from tax reforms, India has been included in the list of World's largest financial states in a very short duration. Around 370 million people, in the last 5 years have been provided with access to banking. Today almost everyone has a unique ID, a mobile phone and a bank account because of which targeted service delivery has been improvised, there is a decrease in leakage and transparency has increased by many folds. It is because of such reforms that India has been performing extremely well in Global rankings."
Post his address, Prime Minister Modi engaged in a conversation with Michael Bloomberg. Later in the day, PM Modi is also scheduled to attend a round table meeting with a group of CEOs.