3 Years Narendra Modi .....

How Has The Business Landscape

Changed

On May 26, 2014, Narendra Modi took oath as the Prime Minister of India after the BJP-led
NDA secured a mammoth majority - unseen in the last 30 years - in the parliamentary polls.

Narendra Modi swung the BJP's electoral fortune in the general elections with the slogan of
bringing Achche Din, symbolising economic prosperity accompanied with enough number of
jobs for the teeming millions.

The Narendra Modi government has completed more than half its tenure and the Prime
Minister has been successful in ensuring political stability and providing decisive leadership
with bold decisions, which were both acclaimed as well as bitterly criticised over the last
three years.

Here I am going to explain how far modi government rejuvenate the Indian business
landscape. Narendra Modi has defined ease of doing business in the country as one of the
prime objectives of his government. He has said on several occasions that ease of doing
business helps in attracting foreign as well as institutional investments. Over three
years'7,000 steps' were taken by the Modi government to improve the ease of doing business
in the country. As a result the World Bank's latest Doing Business 2017 report, India ranks
130 among 190 countries. The major initiatives taken by the Government are as follows.

Make in India - Post the launch of the Make in India initiative, India became the frontrunner
in 2015 in terms of attracting foreign investment, having seen an inflow worth $63 billion,
leaving behind the US and the Peoples Republic of China. Passenger vehicles market leader
Maruti Suzuki India has exported 15 lakh vehicles to over 100 countries, including those in
Europe, Latin America and Africa. Its premium hatchback Baleno reportedly became the first
car to be exported from India to Japan.

Goods and Service Tax -The passage of the Goods and Services Tax Acts is a step in the
direction of improving the ease of doing business. The Goods and Service Tax is premised on
the agenda of creating a unified economy that facilitates seamless movement of goods
throughout. It promises to remove the existing barriers around investment and
entrepreneurship, where decisions can be made purely on economic concerns, independent of
tax considerations and process hassles. .

Further, the Modi government scrapped the Foreign Investment Promotion Board (FIPB),
which was held responsible by many observers of the Indian economy as the single biggest
bottleneck in the way of FDI. E-filing of Income Tax Returns is another step that helps in
improving the business environment in India.
The department of Industrial policy and promotion simplified the application form for
industrial licences and making the process online through the eBiz website. Exempted a large
number of defence equipment from compulsory licensing.

At the central government level, India has also reduced the number of mandatory documents
required for import and export of goods to three in each case. The move will lead to reduction
in transaction cost and time. Presently, around 10 documents are needed to fulfil the official
obligations.

As a whole Narendra Modi Government made lots of effort for improving the business
landscape of India. No of initiatives were taken by the Government to make Indian soil fertile
for business.

VAISHNAVI RG

S4 MBA