India’s ‘ease of business’ rank improved | Fusion - WeRIndia

India’s ‘ease of business’ rank improved

India’s ‘ease of business’ rank improved

A report by the World Bank on ‘ease of doing business’ placed India at rank 130 out of 189 countries.

This means that India has improved by 12 positions. Arun Jaitley, the Finance Minister stated that the improvement in ranking is not a complete reflection of the reforms initiated. He stated that the position of India will improve further next year.

He added that he is grateful that the World Bank has recognized India has become a better and easier place to do business. He stated that the improvement of 12 positions is not a complete reflection of the reforms that took place in India that make it an easier place to conduct business.

He said that the impact of the steps that have already been taken will be reflected in the rankings next year. The rankings that were published only consider up to June 1 and some of the steps taken by the government have not been factored in. The minister added that he is certain the ranking of the country would improve next year.

The rank of India last year was 142. This year India saw improvement of 12 positions. It is likely that India will see even higher improvement next year. The improvement of 12 spots in ease of business is a great boost for the economy of India. Since India’s economy is quite big, such an improvement is a great achievement for the country.

World Bank’s Chief Economist and Senior Vice President Kaushik Basu said that there is a long journey for India to go and it is a work in progress on improving the environment for doing business.

Jaitley said that in the recent days, the government has taken many steps to improve the ranking. He added that he is trying to make the Income Tax Act much simpler too.

Image Credit : World Economic Forum / CC BY-SA 2.0

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