Prime Minister Narendra Modi on Friday said he aims to raise India's ranking in ease-of-doing-business to top the 50 in the next five years from the current ranking of 77.
Addressing a massive gathering of traders at Delhi's Talkatora stadium, PM Modi said, "India has jumped to the 75th rank globally in terms of ease-of-doing-business in the last five years. My aim is to reach the 50th position in the next five years."
Emphasising that the traders have always "thought about the country" and attached themselves to the "needs of the nation", PM Modi said, "I am very much impressed with one thing from you – your hard work."
Calling traders the "backbone" of the Indian economy, PM Modi said, "You do not just run business. In fact, you serve the people by working for long hours every day," PM Modi said.
The prime minister said he always believed that traders are also "meteorologists". "Because they plan everything in advance and estimate beforehand," he said.
Making a strong re-election pitch, PM Modi promised traders a Rs 50-lakh loan without any collateral, credit card facility and a pension scheme for small shopkeepers.
Lashing out at the Congress, PM Modi said earlier the Congress-led governments used to "insult" traders. "They called all businessmen chor (thieves) without realising the contribution of the business community to the Indian economy," he said.
PM Modi said his government has abolished as many as 1,500 archaic laws in the last five years. "In the run up to 2014 elections, I had promised that if voted to power, we will end one law every day. You will be happy to know 1,500 laws have been abolished in the last five years," he said. "Our government has brought in Startup India Standup India initiative. We have promoted the digitisation of business. Now, youth are very much interested in starting their own business," PM Modi said. "Now you can get a loan of up to Rs 1 crore in less than one hour," he said.
Stating that his government has implemented the Goods and Services Tax (GST), PM Modi said, "The GST has brought in transparency in business which has in turn raised state revenues by one-and-a-half times."
Emphasising that his government has brought changes in income tax assessment, PM Modi said, "Now the whole system of income tax assessment is being done without any human interface."
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Prime Minister Narendra Modi")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}