India’s standing in the world ‘ease of doing business’ index may improve

India’s standing in the world ‘ease of doing business’ index may improve

Courtesy : Nationalist Bureau05/11/2018 08:53

India’s standing in the World Bank ranking of countries by ‘ease of doing business’ is set to improve, a year after the country jumped 30 places to clinch the 100th spot.

New Delhi: India’s is set to improve its standing in the World Bank’s ‘ease of doing business’ ranking, a year after the country jumped 30 places to clinch the 100th spot, a person familiar with the matter has said.

India recorded an impressive rise in the rankings last year on the back of policy reforms that improved the business climate.

Experts say the Goods and Services Tax (GST), a reform launched in July last year to replace more than a dozen central and state levies, could push India higher in the index this year.

The World Bank report excluded the impact of GST in its previous report as it covered the period from June 2, 2016, to June 1, 2017.

“We have indications that India’s ranking will improve in the ease of doing business index,” the person said, without elaborating further.

The Hindustan Times stated that could not independently gather details about this year’s survey.

An official of the Department of Industrial Policy and Promotion said in July that measures taken in three areas – paying taxes, resolving insolvency and trading across borders – could improve India’s position.

Prime Minister Narendra Modi on Monday said his government was working toward achieving a better position in the index.

 “I have always kept ease of doing business as my priority. India was at 140th position in the ‘ease of doing business’ ranking of the World Bank when we took over the responsibility of the government in 2014. Now India has reached the 100th position and we are working towards a better ranking,” he had said during his two-day visit to Japan.

In August, Parliament passed a bill to amend the Insolvency and Bankruptcy Code (IBC) 2016, allowing home buyers to be treated as financial creditors and seeking to set up a special dispensation for small sector enterprises.

The World Bank’s ‘ease of doing business’ index ranks 190 countries on the basis of 10 indicators, including ‘starting a business’, ‘registering a property’ and ‘getting credit’.

The categories are further divided into several other indicators. Steps taken in the ‘construction permit’, ‘starting a business’ and ‘trading across borders’ categories are expected to result in India’s rise in the rankings this year.

 

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