In its annual report "Doing Business" 2019 report, World Bank said India improved on six of the 10 parameters relating to starting and doing business in a country. Last year India was ranked 100 in the list.
"The ultimate objective is to go to the top of the list", he added.
These parameters include ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency. On area where the changing nature of work is causing difficulty in Belgium's ease in doing business ranking is Belgium's Labor Act of 1971 which enacted laws which limit employing personnel on Sunday and for firms to operate on Sunday.
"India's strong reform agenda to improve the business climate for small and medium enterprises is bearing fruit".
The Prime Minister said his government was committed to economic reforms to ensure an environment that fosters investments.
"As we go on, we will continue to improve more".
India, it said, made starting a business easier by integrating multiple application forms into a general incorporation form. "In India the establishment of debt recovery tribunals reduced nonperforming loans by 28% and lowered interest rates on larger loans, suggesting that faster processing of debt recovery cases cut the cost of credit", the report said. In addition, Mumbai abolished the practice of site inspections for registering companies under the Shops and Establishments Act. "India streamlined the process of obtaining a building permit and made it faster and less expensive to obtain a construction permit", the report said.
The government also introduced the reorganisation procedure and improved the continuation of the debtors' business during insolvency (bankruptcy) proceedings for Karachi and Lahore. India's continued effort to make Dealing with Construction Permits easier has this year catapulted the country to a global rank of 52, from 181 last year.
Several improvements have also been made in the area of registering property. It takes a business in Pakistan 161 days to obtain an electricity connection, compared to the South Asia regional average of 98 days and the cost is 50 per cent more than elsewhere in the region. And, it takes 1,445 for a company to resolve a commercial dispute through a local first-instance court, nearly 3 times more than the 582 days needed in high income OECD economies. Today, we are at rank 77. After all ease of doing business is all about minimum governance and your investment process is guided by it. We need to crack the code and try and improve on the criterion in which we lack, the FM said.
Also, "India made paying taxes easier by replacing many indirect taxes with a single indirect tax, the GST, for the entire country".
The Ministry of Finance points out that this year's advance follows consecutive declines in recent years.