Prime Minister Narendra Modi on Wednesday said cleaning the system off black money and corruption was “very high” on his agenda.
The statement follows the November 8 announcement to demonetise old Rs. 500 and Rs. 1,000 notes to curb black money.
Addressing a conclave in Kuala Lumpur through video conferencing, the Prime Minister said India was currently witnessing an economic transformation.
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Good destination
Inviting businesses to invest in the country, Mr. Modi said, “India is not only a good destination; it is always a good decision to be in India.”
“This is a time for integration. Integration cannot happen without openness … Now, at the level of economy also, we are among the most open and integrated economies,” he added.
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Fastest growing economy
Mr. Modi pointed out that India was one of the fastest growing large economies in the world.
“Presently, cleaning the system off black money and corruption is very high on my agenda. This comes closely after digitisation and introduction of GST. The outcomes of our efforts are visible from India’s global rankings on various indicators. We are fast closing the gap between business practices in India and the best in the world,” he said.
Citing India’s efforts on bettering ‘Ease of Doing Business’, he said the Goods and Services Tax, which would subsume excise, service tax and other local levies, was expected to be implemented in 2017. “We are moving towards a digital and cashless economy. Our licensing regime has been greatly rationalised,” he said, adding that an investor facilitation cell had been created.