NEW DELHI: India, under Prime Minister Narendra Modi, has transformed, gaining a position in the world order and becoming a key driver for world’s growth, said Morgan Stanley, a global leader in financial services.
“This India is different from what it was in 2013. In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook,” it said in a recently released report.
Debunking scepticism about India, particularly among overseas investors, the report, ‘How India has Transformed in Less than a Decade’, said none could ignore the significant changes that have taken place in India, especially since 2014.
It listed 10 big changes brought about by PM Modi in the last nine years. These include bringing corporate tax at par with peers and infrastructure investment picking pace as one of the biggest supplyside policy reforms. Also, the rising collection of GST and the rising share of digital transactions as a percentage of GDP indicate the formalisation of the economy, the report pointed out.
Transfer of subsidies to accounts of beneficiaries, insolvency and bankruptcy code, flexible inflation targeting, focus on FDI, Government support for corporate profits, a new law for real estate sector and MNC sentiment at multi-year high were other significant changes, said the report.