Takeaways from Jaitley's speech on India's ranking in WB's report

Kelvin Reese
November 1, 2017

India made obtaining a building permit faster by implementing an online Single Window System for the approval of building plans; the new system allows for the submission and approval of building plans prior to requesting the building permit, the report said.

The improvement in these parameters has pushed India's ranking to the higher level.

"We were ranked 142 in 2014, and 130 previous year in ease of doing business World Bank list".

Describing India's rise in the "Ease of Doing Business index" report as "historic jump", PM Narendra Modi applauded country's performance. "The World Bank report says India has been undertaking numerous structural reforms", he said while addressing the media.

Now in its 15th year, the annual report tracks indicator areas such as the ease of starting a business, connecting to power grids, contract enforcement, taxes and bankruptcy proceedings, and then scores countries for their commercial environments and improvements made over time. This year we have moved up 53 places to 119. We are reinforcing our economic turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan (ERGP) so businesses operating in Nigeria can thrive and be competitive globally. "The country's corporate law and securities regulations have been recognised as highly advanced, placing India in 4th place in the global ranking on protecting minority investors", it said.

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"For the first time, coordinated efforts across various levels of governments have been undertaken to make it easier to do business in Nigeria". However, the number of procedures is still cumbersome for local entrepreneurs who still need to go through 12 procedures to start a business in Mumbai. The cut-off date for implementing any reforms for the said study was June 1, while the GST was imposed on July 1.

New Delhi- India for the first time has moved into the top 100 in the World Banks Ease of Doing Business global rankings from its 130th position a year ago, riding on sustained government reforms which include making tax paying easier, according to the banks latest report released here on Tuesday. He said the Narendra Modi government has failed India's economy by "sheer adhocism and inexperience". The report ranks India at 100 among 190 countries.

"However, a lot more needs to be done and the effort in further scaling up of ease of doing should continue", Assocham said.

The Doing Busines Report 2018 on ease of doing business 2018 was made public at 7:30pm IST.

Over the last 3 years we have seen a spirit of positive competition among states towards making business easier.

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