PM Modi will be going to Davos next month, along with other leaders of the global economy to address the World Economic Forum. It is a step ahead for India, as the Prime Minister has been credited with creating a stable political and economic environment, along with reforming the tax system and battling corruption with de-monetisation. As a result, the country’s business environment has significantly improved.
India’s economy has overtaken most emerging markets in per capita GDP growth. At the same time, inflation and unemployment have decreased. Controls on foreign investment have been relaxed, export-import taxes have been reduced, and price controls removed. Consequently, domestic and foreign companies are keen to invest in India’s huge market and skilled workforce.
International organizations, like World Bank have upgraded India’s “ease of doing business” in 2017. Whereas, India was in the 130th position last year, it went up to the 100th position this year. The ranking assesses things like the number of steps it takes to start or to shut down a business, to deal with construction permits, or to obtain electricity.
India has become the world’s fourth fastest growing economy in 2017, as per the newest edition of the World Bank’s Global Economic Prospects. In addition, the World Economic Forum Report (WEFR) competitiveness report, which rated India 40th out of 137 countries, is the highest ever. It is up from 71st three years ago.