PM's presence in Davos opens up business for India: Piyush Goyal

Union Minister of Railways and Coal Piyush Goyal on the first day of the World Economic Forum (WEF) said that Prime Minister Narendra Modi's presence in Davos will open up business opportunities for India.

"World Economic Forum represents business from all parts of the world. You are looking at the big Indian opportunity, the big Indian market, the new paradigm of doing business and easier environment to invest in, to flourish in. Prime Minister's presence at the World Economic Forum in Davos this year is certainly a big message to the world community that India is open for business," the Union Minister said.

"We are all giving out information about the 'New India 2022'," he added.

Hailing the Goods and Services Tax (GST), Goyal said that India is the first country to successfully embark on a tax reform of this magnitude.

"Most people in India are quite excited about the GST story. They are seeing the benefits of simpler taxation. The GST council has continuously evolved into a simpler system, and to my mind, the way things are panning out, probably India would be the world's largest country to have embarked on such a successful tax reform of this scale and magnitude," he concluded.

Prime Minister Narendra Modi will address the plenary session of the World Economic Forum on Tuesday.

He is the first Indian Prime Minister to attend the summit in more than two decades.