North Block's Next Big Focus: From Ease of Doing Business to Low Cost of Doing Business
Subhash Chandra Garg said India's ambition is finally getting captured now and it was reflected in the multi-directional vision that was set out in the recent budget.
Subhash Chandra Garg fields a question during 'Get, Set, Grow' session at the News18 Rising India Summit in New Delhi. (Image: News18)
New Delhi: Speaking at a session titled ‘Get, Set, Grow’ at the News18 Network's Rising India Summit 2019 on Monday, the economic affairs secretary of India, Subhash Chandra Garg set out the future course of action for the Centre by transitioning the focus area from ease of doing business to low cost of doing business.
"We have achieved ease of doing business by leap-frogging 30 places. Now we need to focus on low-cost doing business. We also need to make our business more competitive," said Garg.
India had last year moved to the 77th rank in the World Bank's Ease of Doing Business rankings, jumping 23 notches from 2017.
The report also recognised India as one of the top 10 improvers in this year’s assessment, for the second successive time.
Talking about plugging the gaps in India's road to growth he said, "India's ambition is very clearly getting captured now. A very multi-directional vision was set out in the budget. We need to make our manufacture capabilities very concrete."
Highlighting the Centre's multi-faceted approach, Garg said the vision that is set out of a green earth and blue sky is essentially for the environment. "Our policies are directed towards that. We are looking at a 10 trillion dollar from here."
"The debt to GDP ratio at the current state means that we are leaving less money for the private sector. In five years we will reach to a ratio of percentage. It is challenging because to maintain ratio you need to take care of the fiscals," said Garg.
Speaking on GST one of the high points of indirect taxes under the current government, Garg said, "Rationalising taxes is the top priority of the government. Indirect taxes through GST subsumes 16 taxes. That, I think, needs to be recognised by the industry."
He also added that more than 99 percent of the corporates have been adhered to in terms of taxes. "In the coming time we will see more compliance for better growth," he added.
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