India Inc hails robust improvement in ease of doing biz

World Bank

World Bank

Russian Federation has jumped five spots to 35th in the World Bank's annual Doing Business Report that evaluates the ease of doing business in a country.

Protecting Minority Investors: India strengthened minority investor protections by increasing the remedies available in cases of prejudicial transactions between interested parties.

Addressing the press conference, Jaitley said, "Historically India has been in the rage of 130-140". Sure enough, India's ranking in the Doing Business 2018 study is 100, 30 spots higher than its ranking in the previous edition.

The jump in India's business-friendly rating has come as a shot in the arm of the BJP-led government which has been battling criticism from the Opposition over alleged mismanagement of the economy by a hasty GST roll-out at a time when the country was still reeling under the impact of demonetisation.

The annual ranking of Ease of Doing Business is topped by New Zealand with 86.55 points, followed by Singapore, Denmark, South Korea and Hong Kong, which is now under the control of China.

"The country's corporate law and securities regulations have been recognised as highly advanced, placing India in fourth place in the global ranking on protecting minority investors", the World Bank said.

A statement issued by his spokesman, Femi Adesina, in Abuja, on Tuesday, noted that besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the Top 10 Reformers globally. On starting a new business, we are now 15.

A year ago it was placed at 130th spot. "There is a reason to believe that we have a capacity to further significantly improve our position", he said.

Banerjee, however, rued that one of the most important reforms - GST - has not been considered in this year's report owing to cut off date.

This, however, does not reflect the latest goods and services tax (GST), whose results could be reflected only in next year's ease of doing business' report.

Trading across Borders: India reduced import border compliance time in Mumbai by improving infrastructure at the Nhava Sheva Port. Export and import border compliance cost were also reduced in both Delhi and Mumbai by eliminating merchant overtime fees and through the increased use of electronic and mobile platforms. He said the Narendra Modi government has failed India's economy by "sheer adhocism and inexperience". "We need to focus on more reforms in getting the electricity connections and registering property", said Khaitan. "It is a real breakthrough in terms of ease of doing business in India". The specifics are equally impressive: On eight of the 10 indicators used for the ranking, India improved its score.

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