Ease of Doing Business: ‘India needs healthy macro-economic environment to become $10 tn economy’

NEW DELHI: India will have to create and nurture a very healthy and supportive macro-economic environment to become USD 10 trillion economy by 2030, Economic Affairs Secretary Subhash Chandra Garg today said here.

Garg further said the Modi government has taken many reform measures since 2014, including GST (Goods and Service Tax) and IBC (Insolvency and Bankruptcy Code).

“We are USD 2.5 trillion economy… growing reasonably well… By 2030, to become USD 10 trillion economy, we will have to create and nurture very healthy and supportive macro-economic environment,” he said while participating in panel discussion organised by industry body CII.

Garg also said the government is working on an overseas investment policy with an aim to provide support to Indian businesses which will invest abroad.

Speaking at the event, Department of Industrial Policy & Promotion (DIPP) Secretary Ramesh Abhishek said India should not be only in top 50 in ease of doing business rank, but the country should do even better.

Abhishek pointed out that India is the most open economy as far as FDI is concerned.

C K Mishra, Secretary, Ministry of Environment, Forest and Climate Change, said in 2014, it used to take 600 days to get environment clearance, now it takes 121 days to get environment clearances.

“By August, it will come down to 100 days,” Mishra added.

K P Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship, said India requires 10 times the number of skilled force that the country is currently producing.

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