New Delhi: Prime Minister Narendra Modi completes 25 years in public office on October 7, an incredible political journey that began when he was sworn
in as Gujarat chief minister in 2001. PM Modi’s tenure as Chief Minister of Gujarat from 2001 to 2014 was marked by significant development initiatives and governance strategies. In 2014, he then took this work to the national stage, with an array of initiatives and programmes aimed at the development of the country.
While PM Modi’s work covers an array of avenues be it defence, technology or geopolitics, the economy has also been a key area where he has made significant strides for the country. Important in this regard is how the Prime Minister has transformed ease of doing business in the country.
Transforming India’s business identity
When Prime Minister Narendra Modi came to power in 2014, India ranked 142nd globally on the ease of doing business, below Nepal and Pakistan. Starting a company could take months, with businesses facing multiple sets of taxes and long delays at state borders. The system was often criticised for its regulatory burden and bureaucratic hurdles.
The government sought to change this through a series of reforms. The introduction of the Goods and Services Tax (GST) removed multiple tax barriers and brought consignments under a common system. Dedicated Freight Corridors, new expressways and improved roads helped reduce the time taken for goods to move across the country, while digital clearance systems replaced paperwork and made processes faster.
The Insolvency and Bankruptcy Code also gave greater importance to the resolution of failed ventures. Alongside this, the government decriminalised minor lapses and simplified company law provisions. These measures helped India rise to 63rd place in the World Bank’s ease of doing business rankings by 2020, one of the largest improvements recorded by a major economy, while also supporting greater investment flows.
India, in the process, sought to move away from red tape towards a more business-friendly system.
