India jumps 30 ranks in 1 yr on ease of doing business
India today is a substantially easier place to do business than it was a year ago, the World Bank's Doing Business 2018 report said on Tuesday . The15th edition of its annual study that rates 190 countries on ease of starting and running businesses placed India at 100, 30 ranks higher than last year.
India's business environment improved at the fifth fastest pace in the world in the past 12 months, though it still ranks lower than other large emerging economies like China, Russia and South Africa. Thailand, Malaysia and Indonesia too are ranked higher than India. Among the top improvers, India implemented the maximum reforms after Brunei Darussalam, the World Bank study said.
“It has never been easier to do business in India. India welcomes the world to explore economic opportunities our nation has to offer... ,“ PM Narendra Modi tweeted minutes after the report was released. It has never been easier to do business in India. India welcomes the world to explore economic opportunities our nation has to offer... Over the last three years we have seen a spirit of positive competition among states towards making business easier,“ Prime Minister Narendra Modi tweeted minutes after the report was released. He promised to take steps to further improve the rankings.
Soon after coming into office in 2014, Modi had set an ambitious target of being among the top 50 countries in the Bank's ranking in three years. “That is doable and we will work on that with greater force,“ finance minister Arun Jaitley told a press conference on Tuesday , referring to the PM's target.
The rankings will offer some respite to the Modi government which has been attacked by political rivals, led by the Congress party , for making it difficult for small businesses to stay afloat after demonetisation and introduction of GST.
The World Bank study showed India had made significant gains on eight of the 10 parameters that underlie a country's rank. Paying taxes and resolving insolvency we re areas where the maximum progress was made.
“The focus is on rolling out the red carpet for entrepreneurs. The ranking shows reforms are contributing to India closing the gap with the world's best on almost all indicators. We are committed to maintain the momentum to ensure that India makes it to the top 50 in the next twothree years,“ said NITI Aayog CEO Amitabh Kant.
Reference: Times of India - 1st Nov' 17