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Ease of doing business
01 November 2017, 12:26 | Clyde Nash
India ranked 130 out of 190 countries on the World Bank's'ease of doing business list
He said the country is still lagging behind in areas like building construction permits. We strongly believe that government will continue its serious efforts for the future improvement in Ease of Doing Business and we look forward at India's ranking below 50 th in the coming years. In some ways, that explains the reason why countries need to focus on the ease of doing business: A conducive environment for business attracts investments which, in turn, creates jobs.
"The hurriedly convened press conference by the finance minister today to seek "manufactured relevance" from the report evidences the actual distance from ground realities and suffering of people of India", he added.
"India is the only large country this year to have achieved such a significant shift", the World Bank said in a statement, attributing the improvement to sustained business reforms over the past several years. "This is the first year that India is in the top 100 economies globally", it said. We are 156 in starting a business.
India's state governments should work on reducing burden on courts, engineer land reforms, boost electricity, get construction permits quickly, the report said. "The country's corporate law and securities regulations have been recognised as highly advanced, placing India in 4th place in the global ranking on protecting minority investors", it said. Since June 1 is the cut off date for ranking economies on the basis of 10 specified parameters, GST implementation was not factored in this year.
Following India's double-digit jump of 30 places to the 100th rank on World Bank's "Ease of Doing Business" index, Finance Minister Arun Jaitley on Tuesday pointed out that this is the highest jump that any country has made in the ranking. He said the Narendra Modi government has failed India's economy by "sheer adhocism and inexperience". With GST, the government has laid the foundation for a more efficient indirect tax system and likewise, with the enactment of Insolvency and Bankruptcy Code, India now has an efficient institutional mechanism for ease of exit as well. This is for the first time that India rank 100th amongst 190 Countries. "This means past year India improved its business regulations in absolute terms - indicating that the country is continuing its steady shift towards best practice in business regulation", the World Bank said in a statement.
"CII is confident that on the back of GST and other reforms that are planned, India would see an equally impressive improvement next year".
The annual ranking of Ease of Doing Business is topped by New Zealand with 86.55 points, followed by Singapore, Denmark, South Korea and Hong Kong, which is now under the control of China.
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