Page 32 - NIS - English,16-30 September,2022

Cover Story Sankalp Yatra of New India

REFORMS PAVED THE
FORMS PAVE
RE
D THE

WAY FOR INDUSTRY
WAY FOR INDUSTRY

When Prime Minister Narendra Modi took
over the reins of the country in 2014, the
economy was in a state of disarray. In this
20 period, the Prime Minister chose the reform
path — first, structural reforms, and then
1. The creating a better environment for industries
Companies and investments. While the impact of these
Amendment Act reforms was visible in the ranking of Ease of
of 2017. Doing Business, it also manifested itself in
SPECIAL FOCUS This gave the form of a growing economy even during
ON MSMES relief to small crises such as the COVID and the Russia-
The definition of companies. Ukraine war.
this sector was
redefined. The
Champions Portal IMPROVEMENT THE
was launched for INSOLVENCY
BANKRUPTCY
troubleshooting. IN EASE OF DOING Code 2016 and 2021

OPENED AVENUES FOR FOREIGN INVESTMENT. BUSINESS RANKING amendments reduced
FDI is allowed in sectors 2014 142 NPAs and eased the running
like railways, infra, 2015 134 of the industry.
defence, and devices. 2016 100 130
2017
Easy rules for 2018 77
other sectors 2019 77 FREEDOM FROM THE WEB
were also 2020 63 OF LAWS BY IDENTIFYING
done. 2,875 business-related
RETROSPECTIVE
TAXATION REPEALED. laws and barriers
and removing the
Nullified the SINGLE-WINDOW 2007 redundant
tax clause that CLEARANCE laws. 25000
allowed to levy tax All approvals compliances
retrospectively for industry or ended.
investment are
now available in
one place.

There is a saying in English that "the size
of the cake matters". This means that the
bigger the cake, the more people will get
its share. Similarly, the bigger the goal
of the economy, the greater will be the
prosperity of the country.
-Narendra Modi, Prime Minister

30 New India Samachar September 16-30, 2022