PM hails India's historic jump in 'Ease of Doing Business' rankings

FICCI would continue to seek policy measures and bureaucratic reform that would contribute to a sustained improvement in India's rank.

"Reforming to Create Jobs" report said India is "one of the top 10 improvers in this year's assessment, having implemented reforms in 8 out of 10 "doing business" indicators".

India has improved its ranking on six out of the 10 parameters, which judged ease of doing business. This is one of the most encouraging parameters for India as we were previously ranked 136 in resolving insolvency, but this year we have jumped 33 positions to finish at 103 number, Jaitley said.

Commerce and industry minister Suresh Prabhu said, "This is just the beginning". "Biggest jump has been improving in taxation". In availability of credit, India is ranked 29th.

The report captures reforms implemented in 190 countries between the period June 2, 2016 to June 1, 2017.

"This sends a huge message to the entire investor community", said Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion (DIPP).

"Surjewala tweeted", "Ease of Doing Business" has become "Cease of Doing Business". "The recognition by the World Bank is the ultimate assurance for the investor".

"Hiding behind the World Bank reports will not alter this grim reality", Surjewala said in a statement.

Protecting Minority Investors: India strengthened minority investor protections by increasing the remedies available in cases of prejudicial transactions between interested parties.

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However, Goods and Services Tax, the biggest tax reform in the country, was not factored in by World Bank while conducting this survey.

"We were ranked 142 in 2014, and 130 a year ago in ease of doing business World Bank list".

India's combined, or distance-to-frontier (DTF), score rose to 60.76 in 2018 from 56.05 in the previous year, which shows the country improved in absolute terms as well.

Giving examples, he said India is ranked low at 164th in enforcement of contracts but with arbitration act will help improve this.

Reforms are a continuous process; there are 3 or 4 areas where we lack.

Starting a Business: India made starting a business faster by merging the applications for the Permanent Account Number (PAN) and the Tax Account Number (TAN), and by improving the online application system. In a series of tweets, PM Modi said, "Easier business environment is leading to historic opportunities for our entrepreneurs, particularly MSME sector & bringing more prosperity". "But this year we have moved up 53 places", he said. In 2014, we were 142nd and then (in) last two years, we improved to 131st and 130th. "Consistent effort is required to be in the top 50". India, which was ranked 142nd when the Narendra Modi government took office in 2014 and 130th past year, is the only country to make such a significant rise. "The country's corporate law and securities regulations have been recognised as highly advanced, placing India in the fourth place in the global ranking in protecting minority investors", the World Bank's report noted. China, for instance, is ranked 78th and Bhutan, at 75th place, is the highest ranked economy in South Asia.

The World Bank said India needs to do more. On starting a new business, we are now 15.

"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.

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