Highlights: India capable of entering top-50 in World Bank’s ease of doing business ranking, says Arun Jaitley
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.india Updated: Oct 31, 2017 20:23 IST
Finance minister Arun Jaitley address the media on Tuesday after a World Bank report showed doing business in India became significantly easier on the back of reforms.
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.
Here are highlights from Jaitley’s address:
- We are concerned with hard data. World Bank data shows India is taking a giant leap as far as ease of doing business is concerned.
- Reforms are continuous process. 3-4 areas where we haven’t been rated high, will take this into consideration in next year’s data.
- Start-ups are never 100% successful in anywhere in the world: Jaitley on why India has seen several failed start-ups past 3 years.
- Any economic growth positively imapcts the job sector. This report will also boost the job sector.
- Irrespective of FDI, India should be where one decides to set up business. If one has ease, it adds to investment environment.
- 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.