India Inc hailed Prime Minister Narendra Modi's efforts to facilitate ease of doing business and said his endeavour to 'reform, perform and transform' has helped India jump 30 places in World Bank's report.
Modi met business honchos on Saturday morning where he said: "Our mantra is 'reform', 'transform' and 'perform'."
"We are greatly heartened by Prime Minister's reiteration of the government's commitment to reforms for easing business procedures. His mantra of 'reform, perform, transform' has delivered the notable jump in India's ranking by 30 places to 100 and demonstrated that quantum changes are possible to make a New India," said Chandrajit Banerjee, Director General, CII.
CII appreciated Prime Minister's statement that ease of doing business translates into ease of living life, making processes simpler for common citizens.
"Prime Minister's stress on total reengineering, use of technology and mindset change to reduce excessive control hits the nail on the head," Banerjee said.
Modi said he did not want to "sleep" over the 30 place jump this year - the biggest leap by India ever, and wants to do more.
The Prime Minister said India would be at an even better place in 2018 ranking since issues raised by traders, businesses on Goods and Services Tax (GST) have been positively accepted by the government.
The ranking took into account reforms initiated only till May-end, he said. It did not reflect the impact of GST, which was implemented from July 1, he added.
Reacting to Modi's interaction with the business honchos on Saturday morning, Pankaj Patel, President, FICCI s"id: "It only reflects the gover'ment's determination to take bold and far reaching reforms required to transform India into a New India as envisioned by Prime Minister of "ndia".
Congratulating the Prime Minister for the significant improvement in 'ndia's ranking Patel s"id: "FICCI stands committed to Prime Min'ster's aim of perform, reform and transform to place India amongst the first fifty countries in terms of ease of doing business. There are number of areas where our rank may not have improved significantly but at least the direction is there to make that process more efficient and simpler in terms of compliance."
"Starting a business, construction permits, enforcing contracts, registering property and other such areas needs improvement for the efficient functioning of the business organisat"ons."
"Government should also consider reforms in the area of regulators as they impact the cost as well as ease of doing business significa"tly," added Patel.