India can improve further, says Arun Jaitley on World Bank’s ease of doing business ranking

Buoyed by a 23-place jump on World Bank’s ease of doing business ranking, finance minister Arun Jaitley on Wednesday said India can crack into top 50 if it improves on time taken for registering real estate, starting business and enforcement of contracts.

Buoyed by a 23-place jump on World Bank’s ease of doing business ranking, finance minister Arun Jaitley on Wednesday said India can crack into top 50 if it improves on time taken for registering real estate, starting business and enforcement of contracts.

Arun Jaitley said areas that require improvement include time taken for registering property, starting business, insolvency and taxation, and enforcement of contract areas. (File Photo)

Addressing a news conference soon after the World Bank released its 2019 ranking, Jaitley said areas that require improvement include time taken for registering property, starting business, insolvency and taxation, and enforcement of contract areas.

The BJP-led government, since coming to the power, has reduced red-tape and corruption, and its reforms have ensured India jumps ranks from 142 to 77, he said. Improvements have already done on enforcement of contracts, taxation and insolvency laws and would be reflected in future rankings, he said.

Jaitley said Prime Minister Narendra Modi had soon after coming to power in 2014 set a target of breaking into top 50 and it seems probable if improvements are done on time taken to start business, registering property, enforcement of contracts, paying taxes and insolvency laws.