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Painless, faceless, seamless • Faceless assessment and Trust in industry and
tax system appeals remove chances entrepreneurs
• Tax rates are not a pain of harassment, reducing • The ‘Growth
anymore. India has one inspector raj. Ambassadors’ of India,

of the lowest corporate our entrepreneurs are
tax rates of 15% for new From red-tapism to red powering India’s growth
domestic manufacturing carpet story by creating jobs.
companies. • Various economic • A new mindset of trust has
• For existing companies, reforms and incentives been created where the
the government reduced have made India the most government and citizens
corporate tax rates preferred destination trust each other.
from 30% to 22%. for investment. • Self-regulation and
• Retrospective tax • Single window system Self-compliance are the
adversely affected is available for approvals norm.
India’s image among and clearances, reducing • Ending ‘Inspector
global investors and has hassles. Raj’, reforms in labour
accordingly been scrapped. • The number of documents inspection processes and
Similarly angel tax has needed for company environmental laws have
also been scrapped. incorporation has been curbed rent seeking and
• Most tax processing reduced. corruption.
and assessments happen • FDI rules have been
online, which makes filing liberalised in many * * *
returns, assessments, sectors and hence, FDI has
appeals and refunds broken all records in the
seamless and quick. past few years.

Did you know?

• PM Modi made it easier to start a business by reducing the number of
approvals needed from 14 to just 3 steps.
• Since 2014, PM Modi has repealed more than 1,500 Union laws that were
redundant or outdated.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 goods exports touched a record $448 billion in FY2022-23, which
is more than the entire GDP of Pakistan ($350 Billion).
• Electronics manufacturing has grown by 300% since 2014.
• India is the third-largest startup ecosystem in the world after the United
States and China.
• India’s position in World Bank’s rankings for getting construction permits
rose from 181 in 2018 to 27 in 2020 under PM Modi.
• No. of patents granted has gone up from 6,326 in 2015-16 to 34,153 in
2022-23.

86 9 Years - Seva, Sushasan, Garib Kalyan