India climbs global business ranking. But it's not that simple

India Jumps to 100 From 130 in World Bank’s Ease of Doing Business Rankings Arun Jaitley

Improvement at 100 th level is not a surprise for us as our government was doing a lot to make it a better country to do business, said Khaitan.

"Historic jump in "Ease of Doing Business" rankings is the outcome of the all-round & multi-sectoral reform push of Team India".

"I remember in the very first year the prime minister had said our target should immediately be to take India into the first 50", finance minister Arun Jaitley said.

"This is the first time that India has climbed so dramatically in the ease of doing business rankings and it sends a message to worldwide investors that the government is committed to slashing India's notorious red tape and rolling out the red carpet for them", Dhume said. Sure enough, India's ranking in the Doing Business 2018 study is 100, 30 spots higher than its ranking in the previous edition. Russia's new ranking places it ahead of many Western countries such as Belgium and Italy, and just behind Japan. 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.

Jaitley said that important work is in progress in the area of starting a business, adding that improve each criterion that is considered in the ease of doing business.

Protecting Minority Investors: India strengthened minority investor protections by increasing the remedies available in cases of prejudicial transactions between interested parties. "Forget "Ease", where is the "Business", Modi ji?" In Mumbai, starting a business was made faster by merging the applications value-added tax and the Profession Tax (PT). On starting a new business, we are now 15.

Last year, India was ranked 130 out of 190 countries in World Bank Group's annual report on the "ease of doing business". In last two years, we made it to 131, 130 places.

Mr Surjewala said that "Ease of Doing Business" rankings have not taken into account the "utterly flawed implementation of the GST".

The World Bank said India had adopted 37 reforms since 2003 but almost half of these were implemented in the last four years. "Guided by the Mantra of "Reform, Perform & Transform" we are determined to further improve our rankings & scale greater economic growth", read another tweet by PM Modi. Addressing a press conference minutes after the World Bank ranking was made public, Jaitley said India is the only major country named for pursuing structural reforms. 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".

Giving examples, he said India is ranked low at 164th in enforcement of contracts but with arbitration act will help improve this. The government however was not satisafied with the rankings as, it said, the World Bank did not capture the reforms undertaken by the Centre and states.

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