India climbs global business ranking. But it's not that simple

01 November, 2017, 00:24 | Author: Pamela Mathis
  • Finance Minister Arun Jaitley addressing a press conference at National Media centre in New Delhi

India's rank has risen to 100 in the latest report compared to 130 a year ago in "ease of doing business".

The Congress accused the Modi government of trying to hide behind World Bank reports to mask the "grim reality" regarding the economy and said Arun Jaitley has proved to be "the worst Finance Minister in India's history".

India's ranking has improved from the level of 130 th in 2017 to 100 th in 2018, he said. India made obtaining a building permit faster by implementing an online Single Window System for the approval of building plans; the new system allows for the submission and approval of building plans prior to requesting the building permit, the report said. "Forget "Ease", where is the "Business", Modi ji?"

Also, with the enactment of the new bankruptcy law, India's ranking on insolvency resolution has also improved. In starting a business, India has reduced the time needed to register a new business to 30 days now, from 127 days 15 years ago.

According to the World Bank, Beijing and Shanghai performed below worldwide best-practices, with 23 steps and 249 days required to obtain a permit and related costs amounting to 7.8% of the cost of actual construction.

"For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria".




Cheered by the country's 30-notch jump to 100th in the World bank's ease of doing business ranking, India Inc today said the improved performance will boost investor sentiment, even as the industry believes a "lot more needs to be done" on the reforms front. This year we have moved up 53 places to 119.

"It is particularly gratifying to see that numerous reforms are being carried out in economies and sectors where they are most needed", Rita Ramalho, acting head of the bank's Global Indicators Group, said in a statement.

"This is the first time that India has climbed so dramatically in the ease of doing business rankings and it sends a message to worldwide investors that the government is committed to slashing India's notorious red tape and rolling out the red carpet for them", Dhume said. The cut-off date for implementing any reforms for the said study was June 1, while the GST was imposed on July 1.

"Guided by the Mantra of "Reform, Perform & Transform" we are determined to further improve our rankings & scale greater economic growth.", the Prime Minister said.

Giving examples, he said India is ranked low at 164th in enforcement of contracts but with arbitration act will help improve this. The specifics are equally impressive: On eight of the 10 indicators used for the ranking, India improved its score.

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