Reform measures taken by the government in the past eight years, like the removal of outdated laws, have furthered 'Ease of Doing Business' in India, Prime Minister Narendra Modi said on Saturday.
"Guided by the principle of 'Reform, Perform and Transform' the Government of India has brought in several reforms which have furthered 'Ease of Doing Business.' At the same time, many outdated laws which slowed growth have been removed," the Prime Minister tweeted.
The Prime Minister shared details of reforms during the last 8 years in the field of 'Ease of Doing Business' and for spreading widespread prosperity and encouraging entrepreneurship in the country. He shared a MyGov tweet thread and articles from his website and Namo App. It listed major economic reform measures taken by the government in the past eight years.
A graphic released with the tweet notes that India has become the fastest-growing economy in the world. The Indian economy grew by 8.7 per cent in the year ended March 2022, the fastest among the major economies across the world.
The real GDP or Gross Domestic Product (GDP) at Constant (2011-12) Prices in the year 2021-22 is estimated to attain a level of Rs 147.36 lakh crore, as against the first revised estimate of Rs 135.58 lakh crore for the year 2020-21, released on 31st January 2022. The growth in GDP during 2021-22 is estimated at 8.7 percent as compared to a contraction of 6.6 per cent in 2020-21, as per the latest data released by the National Statistical Office (NSO). The tweet highlighted that India has achieved its highest-ever merchandise and services exports.
India achieved an all-time high annual merchandise export of $417.81 billion in FY 2021-22, an increase of 43.18 per cent over $291.81 billion in FY2020-21 and an increase of 33.33 per cent over $313.36 billion in FY2019-20, as per the Ministry of Commerce & Industry data. The reform measures taken by the government helped attract the highest ever foreign direct investment (FDI) $83 billion in 2021-22.
GST collections surged to an all-time high of Rs 1.68 lakh crore in April 2022.
(With PTI inputs)