India is trying to be one of the top 50 countries in the ease of doing business list by next year, Prime Minister Narendra Modi said on Friday in his inaugural address at the ninth Vibrant Gujarat summit in Gandhinagar.
India, which was ranked 77th on the World Bank’s Doing Business Report in 2018, has jumped 65 places in the last four years. “I have asked my team to work harder so that India is in the ‘Top 50’ list in ease of doing business next year,” the prime minister said.
Modi said India’s challenge is to spread the benefits of development to the regions and communities that have lagged behind, and to meet expectations in terms of quality of life and infrastructure. The prime minister said his government has been trying to remove the barriers that have prevented the country from achieving its potential.
“At 7.3%, the average GDP growth over the entire term of our government, has been the highest for any Indian Government since 1991,” Modi added. “At the same time, the average rate of inflation at 4.6% is the lowest for any Indian Government since 1991.”
The prime minister said his government was promoting the manufacturing sector to create jobs. “From the start of business to its operation and closure, we have paid attention in building new institutions, processes and procedures,” he added.
The summit was started by Modi in 2003, when he was the chief minister of Gujarat, to establish the state as an ideal investment destination. Several world leaders and industrialists are attending the summit. “This shows that international bilateral cooperation is no longer limited to national capitals, but now extends to our state capitals as well,” the prime minister added.
Tata group Chairperson N Chandrasekaran said the company plans to invest in lithium ion battery manufacturing in the state. “We want to make further investments, not only in manufacturing electric vehicles, but also in lithium ion battery projects here,” the businessman added. “We are in discussions with the state government for significantly increasing our capacity of Tata Chemicals to reach one million tonnes of soda ash.”
Gujarat is a very important state for the Tatas, he said, adding that the group’s revenue from the state in 2018 was about Rs 18,000 crore.