Economy

India jumps 23 places in global ease of doing business rankings

India jumps 23 places in global ease of doing business rankings”

Last year India was ranked 100 in the list. When the BJP came to power, Prime Minister Narendra Modi had said that India needs to come within the top 50 ranks and today, we are at Rank 77.

PM Modi tweeted that he was "delighted". Briefing the media on India at 77th rank in the World Bank's "Ease of doing business" index, Union Finance Minister Arun Jaitley said there has been a record improvement in ranking. "India is now ranked first among South Asian countries compared to 6th rank in 2014", he added.

In the 2019 ranking, New Zealand tops the list, followed by Singapore, Denmark and Hong Kong. Among the BRICS countries, Russian Federation and China were ranked higher.

Speaking to The Indian Express, Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion (DIPP), said: "We started this process of two-way communication, where we - DIPP and other departments and agencies concerned - communicate the reforms to the stakeholders and then get the feedback from them whether it is working or not".

"[It is because of] administrative changes, legislative reforms and particularly what our finance minister did - very path-breaking reforms, whether it is insolvency code, whether it is GST and many others, as well as technological changes", he said.

During the past year, India made starting a business easier by fully integrating multiple application forms into a general incorporation form. "India made paying taxes easier by merging diverse sales taxes into a single GST".

While there has been substantial progress, India still lags in areas such as Enforcing Contracts (ranked 163 globally) and Registering Property (166). "Starting a business central government and state governments have to work together". Further, India reduced the time and cost of export and import through various initiatives, including the implementation of electronic sealing of containers, the upgrading of port infrastructure and allowing electronic submission of supporting documents with digital signatures, it said.

Last year, India had moved up 30 places to the 100th position. In this category, India jumped from the 137th spot in 2014 to 24 in 2018. "Improvements already been brought about in the enforcement of contracts and taxation and insolvency will reflect in future rankings".

"The most dramatic improvements have been registered in the indicators related to "construction permits" and "trading across borders".

India was ranked 80 in easing the process of cross-border trade, 163 in enforcing trade and 108 in resolving insolvency. "India also made paying taxes less costly by reducing the corporate income tax rate and the employees' provident funds scheme rate paid by the employer", the World Bank said. "Going forward, a continuation of this effort will help India maintain its goal of strong and sustained economic growth and we look forward to recording these successes in the years ahead", he added.



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