Manila,
Nov 13: Under consistent attack back home and especially in the political
backyards of his home state Gujarat for demonetisation and roll back of
'half-baked' Goods and Services Tax (GST) regime, Prime Minister Narendra Modi
on Monday made use of the ASEAN Business Summit forum here to defend his
government's economic policies and asserted that India has emerged as a
"globally integrated economy" and also a front runner in attracting
FDI.
"This year in July we have implemented the highly complex task of migration to the uniform GST.....This has done away a vast range of state level and central level taxes throughout India," Mr Modi told the ASEAN Business Investment Summit here. He also said the anti-corruption drive is already showing results and the use of technology and digital transactions have only helped the cause further. "Most of the sectors in our economy are now open for FDI. More than 90 per cent of the Foreign Direct Investment are on auto approval route," he said adding India has emerged as a "front runner in attracting FDI". Amid frequent applause by the gathering, Mr Modi said compared to last three years, India has this year received "67 per cent more FDI".
"Now we are a globally integrated economy....these milestones have been achieved even before some of the major economic reforms," Prime Minister said. He said doing away with various complex structures of taxes in the country is no mean achievement "given the vastness and diversity and the federal nature of our country". Prime Minister, however, in his characteristic style said, "this is not enough". "Friends, a very large part of India's population had no access to banking services....This deprived them of the opportunities in getting access to institutional credit". In this context, he referred to the much talked about Jan Dhan Yojana and said, "within months, the lives of millions of Indians were transformed". UNI
"This year in July we have implemented the highly complex task of migration to the uniform GST.....This has done away a vast range of state level and central level taxes throughout India," Mr Modi told the ASEAN Business Investment Summit here. He also said the anti-corruption drive is already showing results and the use of technology and digital transactions have only helped the cause further. "Most of the sectors in our economy are now open for FDI. More than 90 per cent of the Foreign Direct Investment are on auto approval route," he said adding India has emerged as a "front runner in attracting FDI". Amid frequent applause by the gathering, Mr Modi said compared to last three years, India has this year received "67 per cent more FDI".
"Now we are a globally integrated economy....these milestones have been achieved even before some of the major economic reforms," Prime Minister said. He said doing away with various complex structures of taxes in the country is no mean achievement "given the vastness and diversity and the federal nature of our country". Prime Minister, however, in his characteristic style said, "this is not enough". "Friends, a very large part of India's population had no access to banking services....This deprived them of the opportunities in getting access to institutional credit". In this context, he referred to the much talked about Jan Dhan Yojana and said, "within months, the lives of millions of Indians were transformed". UNI
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