India ranked 100th in ease of doing business

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

The report, which ranks New Zealand, Singapore and Denmark as the easiest countries in the world to do business in, ranked China at 78, which is 22 spots above India.

Commenting on the World Bank's report, Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), said, "The huge improvement in ranking and score will immediately boost investor sentiments".

India's rank has risen to 100 in the latest report compared to 130 previous year in "ease of doing business".

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

Commenting on the outcome of the report, Finance Minister Arun Jaitely said the report underlines that the government's actions are moving in the right direction.

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"India made paying taxes easier by requiring that payments are made electronically to the Employees Provident Fund and introducing a set of administrative measures easing compliance with corporate income tax", the report stated. "This is the first year that India is in the top 100 economies globally", it said.

"The government has strategically addressed choke points of the business ecosystem in a mission mode to improve India's rank and break into the list of top reforming nations". The time to enforce a contract takes 1,445 days compared with 1,420 days 15 years ago and while starting a business takes 30 days compared with 127 days 15 years ago, local entrepreneurs still need to go through 12 procedures to start a business in Mumbai, much more than in OECD countries.

The Congress leader noted that private investment is in "dire" straits, "Make in India" is "completely floundering", exports are plunging, credit growth is at a 63-year-old low and inequality is highest in 100 years. The ranking does not include the impact implementation of Goods and Services Tax (GST) has created as the cut off for judging the business environment was June 1. He said the Narendra Modi government has failed India's economy by "sheer adhocism and inexperience".

It has never been easier to do business in India. With GST, the government has laid the foundation for a more efficient indirect tax system and likewise, with the enactment of Insolvency and Bankruptcy Code, India now has an efficient institutional mechanism for ease of exit as well.

"However, a lot more needs to be done and the effort in further scaling up of ease of doing should continue", Assocham said. India was the only economy in South Asia to become the top improver in ease of doing business. The specifics are equally impressive: On eight of the 10 indicators used for the ranking, India improved its score.

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