New Delhi, Feb 4 (Agency) Union Minister of State (Independent Charge) Dr Jitendra Singh said on Friday that Prime Minister Narendra Modi had laid the foundation of a stable Indian Economy, which could withstand all domestic and global upheavals and still be a bright spot among major economies of the world. Briefing the media here about the “futuristic budget” presented to Parliament on Wednesday Jitendra Singh said the revolutionary measures and transformative reforms since May 2014 made India’s Macro-Economic Outlook rock solid.
The Minister said, on this “rock” foundation, the budget of 2023-24 promises to build an invincible future India over the next 25 years. The world today looks up to India as it jumps 40 positions higher on Global Innovation Index, he said. Describing it as a budget that addresses the aspirations of every section of society, Dr Jitendra Singh said, from middle class to big industry, from women to youth, from farmers to StartUps, it is an inclusive budget for all. At the same time, priorities like Green Growth target the global benchmarks of the 21st century, he said. Dr Jitendra Singh pointed out that the first major economic reform of the Goods and Services Tax rolled out on the midnight of 1st July 2017 was Path-breaking legislation for New India, which led to One-Nation, One-Tax and One-Market and in fact was the realization of dream of Sardar Patel to make “Ek Bharat-Shreshtha Bharat”. He said, apart from this, several pro-business reforms unleashed by Modi in the last nine years like reduction in compliance requirements, removal of retrospective taxation, simplification of the corporate tax rate structure, Insolvency and Bankruptcy Code (IBC) have improved India’s “rank in ease of doing business from 142 in 2014 to 63 in 2022, as per World Bank report.