This is a great time to organise an event like Outlook Business Smart Enterprise, when the country has made several structural changes to its economy. There has been a huge focus on the ease of doing business; there is the bankruptcy law, the National Company Law Tribunal, and we have also witnessed about 1,200 laws being scrapped. This has never happened in any country. We’ve seen the Goods and Services Tax making its debut. In totality, we have really moved forward in terms of major structural changes to make India a very easy and simple country to work in. This has been one of the biggest challenges because India has had a lot of rules and regulations, procedures and paperwork. And we kept adding to it year after year, thereby making our country one of the most difficult places for medium and small enterprises to do business in. This has been reversed by the re-engineering of business processes.
It’s important that we recognise that the country is heading towards becoming an easy and simple place to do business in the days to come. India’s tax to GDP ratio is 16%, which even in countries such as Bangladesh, Pakistan and Nepal is about 22%. In OECD countries, it is 38%. Therefore, many enterprises in India were not paying taxes at all. India’s policy of tax on tax and its cascading impact was so enormous, that it was rendering India&r