India on its way to becoming ‘extremely attractive’ place for business: Union Finance Minister

India on its way to becoming ‘extremely attractive’ place for business: Union Finance Minister

The Union Finance Minister of India recently said that India is on its way to become an “extremely attractive” country to do business because of digitization and rationalization of financial activities.  At the Singapore Fintech Festival, the Union Finance Minister gave credit for the current process of digitization to the Aadhar scheme and the financial incorporation after demonetization, succeeded by the monumental exercise on the improvement in the digital eco-payment system and the revealing of the Goods and Services Tax from July 1, 2017.

The Minister said that with the growth in digitization and rationalization, India will soon become an extremely attractive place to do business. In the conference, he articulated India’s improved ranking on the ease of doing business index of the World Bank. However, he accepted that the country still has to face some short-term challenges in employing strategic initiatives like demonetization and GST.

The Union Finance Minister said that he does not have any doubt in his mind about the medium to long term, which will definitely produce long-term returns as far as the Indian economy is concerned.  He praised the sensible growth of the Indian economy and said that it is foliating responsibly. He added that the formal and informal economies are integrating along with the occurrence of structural changes and the expansion of the tax base.

The Union Finance Minister remarked that many transactions that used to  happen through the cash economy is now gradually getting  digitalized and is taking place through the banking system. He is on a two-day Singapore trip where he will visit Deputy Prime Minister Tharman Shanmugaratnam and Finance Minister Heng Swee Keat. He will also meet Prime Minister Lee Hsien Loong and speak at the Annual Asia Pacific Summit of global financial institutions, which will be organized by Morgan Stanley.