Prime Minister Modi on Tuesday hailed India’s historic jump in the ‘ Ease of Doing Business’ ranking compiled by World Bank. In a series of tweet, Prime Minister Modi explained how Team India achieved this meteoric rise in rankings and outlined the way forward.
He said, ” Historic jump in ‘Ease of Doing Business’ rankings is the outcome of the all-round & multi-sectoral reform push of Team India. Easier business environment is leading to historic opportunities for our entrepreneurs, particularly MSME sector & bringing more prosperity. ”
PM Modi further commented that, ” Over the last 3 years we have seen a spirit of positive competition among states towards making business easier. This has been beneficial. It has never been easier to do business in India. India welcomes the world to explore economic opportunities our nation has to offer!”
Outlining the path forward, PM said, ” Guided by the Mantra of ‘Reform, Perform & Transform’ we are determined to further improve our rankings & scale greater economic growth.”
Legislative, administrative and policy measures taken by the government would help in further improving India’s ranking in ‘ease of doing business’, Commerce and Industry Minister Suresh Prabhu today said.
India has jumped 30 places to rank 100th in the World Bank’s ‘ease of doing business’ ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.
In a video message, he said: “I think this is just the beginning. He has initiated a number of measures, which may not have been captured in this particular ranking study. So as we can see in the next few years’ time, we will see it improving again and again.”
Prabhu said reforms to ease business climate would help Indian entrepreneurship to blossom.
In its annual report ‘Doing Business 2018: Reforming to Create Jobs’, the World Bank said that India’s ranking reflects nearly half of the 37 reforms, adopted since 2003, implemented in the last four years.
The ranking, however, does not take into account business environment post implementation of GST, which weaved the country of 1.3 billion into one market with one tax and removed inter-state barriers for trade.
India, which was ranked 130th among the 190 nations, is “one of the top 10 improvers in this year’s assessment, having implemented reforms in 8 out of 10 ‘doing business’ indicators,” it said.
This is the first time India has broken into top 100 nations. India is the only large country this year to have achieved such a significant shift.