Modi hails improvement in global ease of doing business ranking

World Bank

The World Bank says India still lags in areas such as starting a business, enforcing contracts and dealing with construction permits. "The 3-4 areas where we haven't been treated very high are all areas where significant amount of work is in progress and once its impact is shown to the ground, I'm sure it will be taken into consideration in next year's ranking", he said.

His remarks came after India today jumped 30 places to rank 100th in the World Banks ease of doing business ranking.

In the last 12 months, Modi's government carried out two huge reforms which political rivals have described as torpedoes: The first, a cash ban that replaced India's highest denomination notes; the second, a national tax system that replaced more than a dozen state and central taxes.

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

It was a given that India would improve its position in the Doing Business Rankings. "Last year in 189 countries, we were 172.This year we have moved up 53 places", he said. He further said he will request states to expedite municipal permits. Still, even investors with a long-term perspective can only remain long on a country for so long, which is why it is encouraging that the government has started focusing on making it easier to do business in the country. "The country's corporate law and securities regulations have been recognised as highly advanced, placing India in the fourth place in the global ranking in protecting minority investors", the World Bank's report noted.


"The cut-off date for implementing any reforms for the said study was June 1 while the GST was imposed on July 1", he said, adding that numerous slabs and complex filing requirements has turned GST into a "Gabbar Singh Tax". The ranking comes as a shot in the arm for the Narendra Modi government amid dissenting voices in certain quarters about implementation of the Goods and Services Tax (GST) as well as demonetisation.

Developing economies such as Nigeria, India, Thailand and El Salvador have made the largest strides in improving their business climates while New Zealand and Singapore retained their top ranks for ease of doing business, the World Bank said Tuesday.

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.

The World Bank said India needs to do more. "As a nation of entrepreneurs India is destined to be among the top economic powers of the world if governments continue to make it easier for businessmen and innovators to invest in India", said Patel.

"CII is confident that on the back of GST and other reforms that are planned, India would see an equally impressive improvement next year".

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