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‘Ease of doing business’ HIGHLIGHTS: Top 50 within reach, says Arun Jaitley

India managed to improve its ranking in World Bank’s latest ease of doing business report, securing 77th rank, jumping 23 places.

By HT Correspondent | Oct 31, 2018 21:53 IST

India managed to improve its ranking in World Bank’s latest ease of doing business report, securing 77th rank, jumping 23 places. The central government has in the last several months taken specific measures to address impediments to doing business in the country identified by the multilateral agency.

These include simplifying the processes in cross-border trade, municipal permissions relating to land and buildings, and enforcement of contracts. The idea is to cut red tape, reduce the cost and time taken in transactions for businesses, and improving efficiency in governance.

Here are the highlights:

7:38pm IST

Afghanistan up 16 places

Afghanistan, with five reforms, moved up 16 spots to 167th place in the global rankings. Collectively, the region’s economies carried out 19 reforms in the past year: World Bank on ‘Ease of Doing Business’ ranking, reports ANI.

7:36pm IST

India now South Asia’s top-ranked economy

In a first for South Asia, two of the region’s economies earned coveted spots in the global top improvers. India continued its reform agenda and advanced 23 spots to 77th place. India is now the region’s top-ranked economy: World Bank on ‘Ease of Doing Business’ ranking.

7:35pm IST

Reforms in Malaysia

During the past year, Malaysia implemented six reforms, Mauritius five, and UAE four. The reforms in Mauritius included elimination of a gender-based barrier to equalise the field between men and women in starting a business: World Bank on ‘Ease of Doing Business’ ranking, reports ANI.

7:34pm IST

UAE in top 20 for first time

In notable changes to the top 20 ranked economies this year, UAE joins the grouping for the first time, in 11th place, while Malaysia and Mauritius regain spots, in 15th and 20th places, respectively: World Bank on ‘Ease of Doing Business’ ranking, reports ANI.

7:32pm IST

Afghanistan and Turkey create records

Afghanistan and Turkey, top improvers for the first time, implemented record single-year reforms, with five and seven, respectively: The World Bank on ‘Ease of Doing Business’ ranking, reports ANI.

7:30pm IST

Top 10 improvers

This year’s top 10 improvers, based on reforms undertaken, are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Côte d’Ivoire, Turkey & Rwanda. With six reforms each, Djibouti & India are in top 10 for the second consecutive year: World Bank on ‘Ease of Doing Business’ ranking, reports ANI.

7:28pm IST

Significant achievement, says Omar Abdullah

Credit where credit is due. This is a significant achievement of the government. Whether businesses and investors are taking advantage of the improvement in procedures is a discussion for another day: Omar Abdullah tweets.

7:18pm IST

No financial emergency: Jaitley

There is no financial emergency. The communication between the central bank and govt has been never put out in public: Jaitley on Section 7.

7:14pm IST

GST an ongoing process: Jaitley

Enforcement of contracts, taxation, insolvency. These are areas where legislation has already taken place. GST itself is also an ongoing process. Now that there is an advantage of technology, you have to conceive a master plan for the entire country: Jaitley

7:12pm IST

Prefer resolution than dissolution: Jaitley

In insolvency, given the history of bad loans that were given, it will depend on several factors. Preference for us will always be resolution than dissolution: Jaitley.

7:10pm IST

In insolvency we have moved up from 137 to 108: Jaitley

In insolvency we have moved up from 137 to 108. Now we are 77 and the obvious areas in this, the targets places we have — registering a business, enforcement of contracts, taxation, insolvency.If we improve on these areas in a focused way, getting up to the 50th rank is not out of reach.

7:04pm IST

Have to improve on criterion in which we lack: Arun Jaitley

When we came to power, the Prime Minister had said that we have to come within the top 50 ranks. Today, we are at rank 77. DIPP has worked on how to up the ranking on each criterion. You have to crack the code and try and improve on the criterion in which we lack: Arun Jaitley.

7:00pm IST

Need to plug gaps: Jaitley

Such a jump might not have happened ever. We need to take more steps. We need to try and improve the criteria in which we are lagging behind in numbers: Jaitley.

6:58pm IST

Improvement since this govt took over: Jaitley

The report of the World Bank on EDB is usually released after October and the reforms that take place till May 1 are taken into consideration. When this govt was formed, it was already May 26, so the 2015 report came in Oct 2014. Where were we in 2014 according to the 2015 report, and where did we get to in four years. We were at 142 when this govt came into power: Arun Jaitley

6:56pm IST

Govt will allow people to do new business: Prabhu

This is the beginning of a new process, in which govt will allow people to do new business. How do we improve ease of doing business in districts? If we can improve that, it will result in EDB in the national level. This will allow start-ups to do business. Because the regulations that have been framed for start-ups are age-old, so we need to change that: Suresh Prabhu.

6:54pm IST

Govt will keep taking new reform measures: Suresh Prabhu

It has been a very collaborative effort and has resulted in a great improvement. As we go on, we will continue to improve it more. The structural changes will bring a lot of benefits. The govt will keep taking new reform measures: Suresh Prabhu.

6:52pm IST

Path-breaking reforms and technological changes to thank for: Suresh Prabhu

It is a very good news around Diwali. If we can improve ease of doing business, India will be able to grow faster. For a very long time it was not the case. The constant improvement in the last two years has been a phenomenon. There have been path-breaking reforms as well as the technological changes: Suresh Prabhu, minister of commerce and industry.

6:50pm IST

GST reforms will find reflections fully next year: DIPP secretary

Our GST reforms will find reflections fully next year. Our ranks will go up. We are hoping that fastback disposal of commercial cases will improve our rank: Ramesh Abhishek, Secretary, DIPP.

6:46pm IST

Use of technology hallmark of govt: DIPP secretary

This year we need to see more business organisations than liquidity. This is something that happens over a period of time. A great support from apex level. We met stakeholders separately. Use of technology has been the hallmark of the government. We know GST is a completely electronic network: Ramesh Abhishek, Secretary, DIPP.

6:44pm IST

‘Online single window streamlined processes’

Online single window in Delhi and Mumbai has streamlined the processes. The procedures have reduced from 37 to 20 in Mumbai and 24 to 16 in Delhi: Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion (DIPP) on ‘Ease of Doing Business’ dealing with construction permits, reports ANI.

6:42pm IST

‘India among top 10 improvers for second consecutive year’

India is recognised among the top 10 improvers for the second consecutive year. India is now ranked first among South Asian countries compared to 6th rank in 2014: Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion (DIPP), reports ANI.

6:40pm IST

Jump of 23 places since last year

India ranks 77 in the World Bank’s ‘Ease of doing business’ index. India has recorded a jump of 23 positions against its rank of 100 in 2017.