Page 108 - Viksit Bharat Ka Amrit Kaal Seva, Sushasan, Garib Kalyan Ke 11 Saal

Painless, faceless, seamless refunds seamless and sectors and hence, FDI
tax system quick. has broken all records in
• Tax rates are not a pain • Faceless assessment the past few years.
anymore. India has one and appeals remove Trust in industry and
of the lowest corporate chances of harassment, entrepreneurs
tax rates of 15% for new reducing inspector raj. • The ‘Growth
domestic manufacturing Ambassadors’ of India,
companies. From red-tapism to red our entrepreneurs are
• For existing companies, carpet powering India’s growth
the government reduced • Various economic story by creating jobs.
corporate tax rates reforms and incentives • A new mindset of trust
from 30% to 22%. have made India has been created where
• Retrospective tax the most preferred the government and
adversely affected destination for citizens trust each other.
India’s image among investment. • Self-regulation and
global investors and • Single window system Self-compliance are the
has accordingly been is available for approvals norm.
scrapped. Similarly and clearances, reducing • Ending ‘Inspector
angel tax has also been hassles. Raj’, reforms in labour
scrapped. • The number of inspection processes and
• Most tax processing documents needed for environmental laws have
and assessments company incorporation curbed rent seeking and
happen online, which has been reduced. corruption.
makes filing returns, • FDI rules have been
assessments, appeals and liberalised in many
* * *

Did you know?

• SPICe+ form bundles 10 services needed for opening a company into a single form.
• Since 2014, PM Modi has repealed more than 1,500 Union laws that were redundant or
outdated.
• India’s fintech adoption rate (87%) is higher than the global average (64%), making it one
of the largest digital markets in the world.
• India’s FY 2024-25 goods exports stand at $437 billion which is more than the entire GDP
of Pakistan ($350 Billion).
• Since 2014, electronics production has grown five-fold and exports have grown more than
six-fold, with export CAGR exceeding 20% and production CAGR over 17%
• India is the third-largest startup ecosystem in the world after the United States and China.
• The World Bank’s 2020 report placed India at 63rd position among 190 economies, a jump
of 79 positions from its 2015 ranking of 142.
• Number of patents granted increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in
2023-24.

100 Viksit Bharat ka Amrit Kaal- Seva, Sushasan, Garib Kalyan ke 11 Saal