Investor confidence has surged in India following the implementation of the Goods and Services Tax (GST), and the rollout of the Insolvency and Bankruptcy Code, Prime Minister Narendra Modi said on August 22, while addressing an event on the sidelines of the BRICS Summit in Johannesburg.
GST, which replaced the erstwhile indirect taxation regime, was introduced by the Modi-led government in 2017, whereas, the IBC was rolled out by his government in 2016 to deal with the issue of bankruptcy.
The reforms enacted over the past few years have propelled India towards becoming one of the fastest-growing economies in the world, Modi told the audience at the BRICS Business Forum Leaders' Dialogue.
"Today, India is the fastest-growing major economy in the world. Soon, India will be a 5 trillion dollar economy," he said.
In a likely bid to attract investments, the prime minister pointed out that the country has a robust private sector, with sectors such as defence and space also being opened up.
"Investor confidence has increased after the implementation of GST and Insolvency and Bankruptcy code in India. Defence and space sectors have been opened up for the private sector," he said.
Modi also highlighted the "leap" taken by India towards financial inclusion, by incorporating the use of technology.
"Today, UPI is being used by street vendors to those shopping malls...We are actively taking steps to make India a manufacturing hub in the areas of solar energy, wind energy, electric vehicles and green hydrogen," the prime minister said.
Modi arrived in Johannesburg earlier in the day, on the invitation of South African President Cyril Ramaphosa, to attend the BRICS leaders' summit. Other world leaders who are scheduled to attend the event include China's President Xi Jinping and his Brazilian counterpart Lula Da Silva.
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