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Highest jump any country has ever made: Jaitley on ease of doing business rankings

By Deepika
|
Google Oneindia News

Finance Minister Arun Jaitley on Tuesday hailed the World Bank report and said ongoing measures will further improve India's ranking.

Arun Jaitley

As per the 2018 version of the Ease of Doing Business index issued by the World Bank, India has been amongst the world's top ten improvers worldwide and a leading regional reformer.

With Bhutan securing the 75th position in the Ease of Doing Business rankings, India secured 100th position followed by Nepal at the 105th position.

Addressing a press conference the finance minister said that "India was the only major country named for undertaking structural reforms in the report. It saw jump in investor protection initiatives, credit availability in the World Bank's ease of doing business ranking."

Jaitley said the biggest jump India got in the ease of doing business was on taxation reforms. Taking India in top 50 countries on ease of doing business ranking is doable, he added.

With implementation of a series of reforms including enactment of Insolvency and Bankruptcy Code (IBC), India has climbed to 4th position in protecting interest of minority investors, as per the latest report. This is the first time that India has figured in the top five nations in one of the parameters for determining "ease of doing business".

On paying taxes India has jumped 53 places, from 172 to 119. On getting credit India has jumped 15 places from 44 to 29.

Here are the highlights of Arun Jaitley's press conference

  • India has moved 30 places up from its previous ranking of the 130, the ease of doing business report showed, adding that eight reforms were helping businesses in 2016/17.
  • Important work in progress in the area of 'starting a business'. It may take a few months for the policies to be effective at the ground level. As far as govt permissions go, you can set up a company in a day.
  • PM Narendra Modi is committed to bring in a transformative change in India's economic landscape: Suresh Prabhu says in a video message.
  • If we work on areas that we are still lagging behind, we have the potential to jump up into the top-50.
  • We ranked 136 in resolving insolvency. We have now jumped 33 positions to 103 rank.
  • We still lag in building construction permits. We are going to request states to expedite municipal permits.
  • In its report, World Bank said "India is one country which has been undertaking structural reforms"
  • We have been trying to improve each criteria that is considered in the ease of doing business.
  • Biggest jump has been improving in taxation. Last year in 189 countries, we were 172. This year we have moved up 53 places.
  • This year we have taken a 30 point jump to 100.
  • India was ranked 142 in 2014 and 130 last year in ease of doing business World Bank list.

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