Page 24 - NIS English 16-31 July 2022

Cover Story India Moving Towards Permanent Solution

BUSINESS BECOMES SIMPLER,

THE ECONOMY GAINS TRACTION,
AND THE BURDEN OF

COMPLIANCE IS REDUCED

Previously, only the immediate problem There were 2875
was solved; very little effort was made to business-related INVESTMENT
PROMOTION:
avoid those situations. In the last eight laws or barriers Single window
years, we have also taken immediate identified. Out of clearance
action and found long-term solutions to them 2007 were introduced
removed.
problems. Health infrastructure is being for investors.
prioritised in order to avoid situations A new initiative The number
like the Corona epidemic in the future. aimed at finding a of business
long-term solution
The Mission Oil Palm is being developed by eliminating approvals
required has been
to address the issue of edible oil. To 25,000 unnecessary reduced from 14
reduce foreign dependence on crude compliances. to just three.
oil, biofuels, green hydrogen, and other
measures are being developed on a large
scale. This approach has also resulted in
massive investment in nanotechnology. MSMEs have a new identity.
Similarly, the countrywide campaign to The MSME sector has been restructured. The
Champions Portal was launched to provide a
encourage farmers to practise natural permanent solution to all problems related to it
farming is part of the long-term solution. within 72 hours.
Narendra Modi, Prime Minister
IMPLEMENTATION OF GST AS A
FINANCIAL REVOLUTION

dignity, giving them new energy and confidence. Once upon a time, the price of the same commodity
More than half of the country's population, varied by state. With the introduction of GST
which was excluded from the discussion of the five years ago, the country adopted a unified tax
system. The abolition of the Octroi and Nakas
country's development due to the lack of a formal made tax filing easier for traders. As a result, each
system, was added in mission mode. Financial month, a new record for GST collection is set.
inclusion paved the way for its long-term viability. COMPREHENSIVE ECONOMIC REFORMS
More than 3 crore needy people in this country
have pucca houses; more than 50 crore people Foreign direct investment rules have been
receive free treatment up to Rs 5 lakh; more than significantly reformed. The largest ever corporate
tax cut was made, and the bankruptcy code was
25 crore people have accident insurance and life amended by the Insolvency Bankruptcy Code.
insurance of Rs 2 lakh each; and over 45 crore The approval of FDI in many sectors, including
poor people have Jan Dhan bank accounts. There defence, as well as labour laws, has boosted the
industry while also providing a new impetus to the
will be few families in the country that are not economy. In terms of Ease of Doing Business, India
involved with some government scheme or that rose from 142nd in 2014 to 63rd in 2020.

22 New India Samachar July 16-31, 2022