Jaitley said the government was seriously taking up the 3-4 issues where India still lags behind so that in next 1-2 years there is an improvement of 20-30 points in the ranking. "India is moving ahead in absolute ranking as well", Annette Dixon, Vice President, South Asia region, told reporters on Tuesday. But it ranked among the worst in dealing with construction permits, resolving insolvency, registering property, trading across borders, paying taxes and enforcing contracts. In some ways, that explains the reason why countries need to focus on the ease of doing business: A conducive environment for business attracts investments which, in turn, creates jobs. This is for the first time that India rank 100th amongst 190 Countries.
India climbed over 30 places to rank 100th in the World Bank's "Ease of Doing Business" ranking, which was described as "historic jump" by Prime Minister Narendra Modi. Moreover, World Bank listed names of 10 countries which have taken structural reforms, and India is the only major economy to feature in this list.
While there has been substantial progress, India still lags in areas such as starting a business, enforcing contracts and dealing with construction permits, the report notes. India's score went from 56.05 in doing business to 60.76. ET had reported on Monday that India expected a big jump in the rankings, possibly breaking into the top 100, thanks to multiple reforms initiated by the government beginning to show results. "But this year we have moved up 53 places", he said.
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"India performs well in the areas of protecting minority investors, getting credit and getting electricity".
Also, with the enactment of the new bankruptcy law, India's ranking on insolvency resolution has also improved. "We are going to request states to expedite municipal permits", the finance minister said. On starting a new business, we are now 15. I'm sure it will be taken into consideration this year.
According to the World Bank, Beijing and Shanghai performed below global best-practices, with 23 steps and 249 days required to obtain a permit and related costs amounting to 7.8% of the cost of actual construction. "One reform they have not factored in is starting a new business. In fact, India is well on its way to emerge as a global leader in protecting minority interests and is now ranked 4th in the world". The cut-off date for implementing any reforms for the said study was June 1, while the GST was imposed on July 1. The specifics are equally impressive: On eight of the 10 indicators used for the ranking, India improved its score.