Prime Minister Narendra Modi has said that India has witnessed futuristic reforms in the last nine years. In a tweet today, Mr. Modi said, these reforms have not only improved Ease of Doing Business but also encouraged a spirit of enterprise among youth. He said, the government will keep working in this direction to boost growth and innovation. The government has created a better environment for investment and liberalized the Foreign Direct Investment policy allowing for 100 percent foreign investment in many sectors.
Corporate taxation was also reduced and simplified, making India more globally competitive. This boosted investors’ confidence and increased investment inflows into the country. As a result, the financial year 2022 saw the highest ever FDI inflows of 83 billion US dollars, which is 84 percent higher than the figure of 45 billion US dollars achieved in the financial year 2014-15. India also saw the highest service and merchandise exports, with a growth of 150 percent in the last nine years from 310 billion US dollars in 2014-15 to a record 775 billion US dollars in 2022-23.
