Union Minister Piyush Goyal on Friday said that the latest report by ratings agency Standard and Poor’s (S&P) on India’s sovereign ratings is “very satisfying”.
The economy needed strong purposeful guidance to move forward at the rate which the government itself says they want the country to move eight to 10 per cent, Singh said.
Manmohan Singh said that demonetisation drive was a historic blunder and the outcome has been fresh trouble and hardship for the people.
Referring to India's recent jump in the ease of doing business index and findings of Pew research on Modi's popularity, Amit Shah said these are the reflection of the govt's hard work.
Arun Jaitley is on a two-day visit to Singapore. The roundtable was jointly organised by the Ministry of Finance and the High Commission of India in Singapore.
Jaitley acknowledged that there was a "temporary blip" as a result of structural changes that were initiated by the government.
More than eight out of ten people believe that economic conditions are ‘good’, an assessment which is 19 percentage points higher than what was immediately before the 2014 general elections.
The Congress alleged that the country's trade deficit had ballooned to a 3-year high which was "alarming" and "a cause for worry" as the world economy was on a recovery path with most inputs like crude oil becoming cheaper.
PM Modi said most sectors of the Indian economy were opened up for foreign direct investment, adding the country's economy is now "globally integrated".
Modi also talked about repealing of 1200 outdated laws in the last three years and simplification of procedure for investors to do business in India.
World Bank CEO Kristalina Georgieva praised India for its sudden jump of 30 ranks in 2017, the biggest leap ever, in the history of the ease of doing business.
Government think tank Niti Aayog has envisaged a New India by 2022 which will be free from poverty, dirt, corruption, terrorism, casteism and communalism.
India, which was ranked 142nd when Narendra Modi government took office in 2014 and 130th last year, is the only large country this year to have achieved such a significant shift.
The government is working with the World Bank to recognise over 200 reforms that will help propel India into the top-50 bracket in ease of doing business.
Jaitley also said that Prime Minister Narendra Modi’s vision of taking India to top 50 in the ‘ease of doing business’ index was a doable task.
India made a double-digit jump in the World Bank's 2018 edition of Ease of Doing Business report, reacing the 100th spot from the previous 130th in 2016.
Finance Minister Arun Jaitley noted that the pace of reforms may be slow at times, but “we are convinced about the direction.
Without naming the noteban and GST rollout, Jaitley said the process of making a cleaner economy is set in motion to achieve the aspirations.
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