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

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

India is getting into a different league, as far as ease of doing business is concerned. He said the reports showcased by the Union finance minister Arun Jaitley will not change the ground reality. The leap of 30 places to the 100th rank in a year follows reforms which have made it easier to pay taxes online, get credit and moves to protect minority investor's interest. On 6 of the 10, it improved its ranking (which means that there are two indicators where other countries have shown more improvement than India). 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.

The Doing Business survey ranks 190 national economies based on 11 areas of business regulation.

She also added that India's improvement is the highest amount of improvement across any region and the world. "Forget "Ease", where is the "Business", Modi ji?", Surjewala tweeted. "One reform they have not factored in is starting a new business".

The minority investor protections were strengthened by increasing redressal avenues in cases of prejudicial transactions between interested parties, the report said.

"Highest jump any country has ever made", said Finance Minister Arun Jaitley today on India's ranking in World Bank's Doing Business Report 2018.

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"This year, Mr President set us an ambitious target of moving up twenty places in the rankings - I am delighted that we have exceeded his goal".

On being questioned about the reason behind so many failed start-ups in the last three years, Jaitley said, "Start-ups are never 100% successful in anywhere in the world".

"Predictably, this has sent a chill through the business community and no "ease of doing business" is visible there", he added.

The World Bank said India had adopted 37 reforms since 2003 but almost half of these were implemented in the last four years. In a scathing attack on the government, Congress spokesperson Randeep Singh Surjewala said the BJP government was clutching at straws to stay afloat "as it sinks the economy and hurts trade and businesses". Industry said the rise in ranking reflected the Modi government's reform drive.

According to the World Bank, Beijing and Shanghai performed below global best-practices, with 23 steps and 249 days required to obtain a permit and related costs amounting to 7.8% of the cost of actual construction. He said the government lives in "a make believe cuckoo world" as it is blinded by the blinkers of "Achhe Din" and was unable to "see, feel, judge or address India's pain".