In a development that will be remembered for long, India jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking on back of economic reforms undertaken by the NDA government which came to power in May 2014.
Elated by the historic jump in ranking, the government vowed to continue reforms that will help the country break into top 50 in coming years. India, which was ranked 142nd when the Narendra Modi government three and-half years ago and 130th last year, is the only large country this year to have achieved such a significant shift on the back of reforms in taxation, construction permits, investor protection and bankruptcy resolution. The World Bank said it is "one of the top 10 improvers in this year's assessment,having implemented reforms in 8 out of 10 'doing business' indicators."This is the first time India has broken into top 100 nations. Reacting to the development, Prime Minister Modi said the government is determined to further improve the rankings and scale greater economic growth with the mantra of 'reform, perform and transform'.
He hailed as "historic" the jump in India's ranking in 'ease of doing business' and said it was a result of "all-round & multi-sectoral reform push".
Addressing the media in New Delhi, Finance Minister Arun Jaitley said, "This is the highest jump that we have made in doing business ranking and it is significant for India because for the last 3-4 years we are trying to improve upon all the 10 parameters (of ranking) so that it becomes easy to do business in India."
In its annual report 'Doing Business 2018: Reforming to Create Jobs', the World Bank said that India's ranking reflects nearly half of the 37 reforms, adopted since 2003, implemented in the last four years.
With June as cut-off for assessing business environment, the ranking does not take into account the landmark reform of Goods and Services Tax (GST), which from July 1 weaved the country of 1.3 billion into one market with one tax and removed inter-state barriers for trade. Also, demonetization has not been covered in the report.
This story is from the 15 November - 15 December 2017 edition of Business Sphere.
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This story is from the 15 November - 15 December 2017 edition of Business Sphere.
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