Prime Minister Narendra Modi on Wednesday asked all chief secretaries and secretaries of central government to analyze areas where there is scope for improvement on ‘Ease of Doing Business’. In the World Bank’s latest ‘Doing Business’ 2017 report, India’s place remained unchanged from last year’s original ranking of 130 among the 190 economies that were assessed on various parameters. Expressing disappointment at India’s rank remaining low in terms of ease of doing business, Union minister Nirmala Sitharaman said the efforts and reforms undertaken by the Centre and states have not been adequately captured in the ranking released by the World Bank. Last year’s ranking was revised to 131 from which India had improved its place by one spot.
However, experts say that India’s position may improve significantly with the proposed roll-out of the Goods and Services Tax (GST) from next April as well as the Insolvency and Bankruptcy Code, likely to be implemented by coming December. “The World Bank’s Ease of Doing Business rankings are incompletely reflective of the significant transformation in the overall business environment in key areas such as openness to FDI, online procedures, MSME facilitation and so on,” CII Director General Chandrajit Banerjee said.
The list of countries in the Doing Business 2017 is topped by New Zealand while Singapore is ranked second. It is followed by Denmark, Hong Kong, South Korea, Norway, the UK, the US, Sweden and former Yugoslav Republic of Macedonia. The rankings are based on ten parameters — starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.