Nirmala Sitharaman also said that Insolvency and Bankruptcy Code, NCLT, and NCLAT have together made India to substantially improve its rank in the World Bank’s Doing Business report.
Finance Minister Nirmala Sitharaman has critically acknowledged India’s position in the Ease of Doing Business by pointing out a slow rise in the parameter– ‘Starting Business’, while the country’s overall rank improved by 14 spots to rank 63. She highlighted that the parameter of starting a business is very critical and India has improved only one rank in this. Nirmala Sitharaman also said that Insolvency and Bankruptcy Code, NCLT, and NCLAT have together made India to substantially improve its rank in the World Bank’s Doing Business report.
The FM announced that Kolkata and Bangalore will be added next year for ease of doing business review. At present, only Delhi and Mumbai are considered by the World Bank.
The World Bank has praised the country for making a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016. This is the third time in a row when India made its place in the 10 top improvers. Improvement in India’s rank can be attributed to the remarkable reform effort by the government. The World Bank has mentioned four key areas where India has made significant improvements — starting a business, dealing with construction permits in India, trading across borders, and resolving insolvency.
Under the leadership of Hon’ble @PMOIndia Shri @narendramodi ji, India registers yet another jump in the Ease of Doing Business rankings data released by the #WorldBank. #easeofdoingbusiness pic.twitter.com/gp7jZumXdq
— NSitharamanOffice (@nsitharamanoffc) October 24, 2019
The World Bank has also mentioned that given the size of India’s economy, these reform efforts are particularly commendable. Meanwhile, India has also been appreciated for adopting the Doing Business indicators as a core component of its reform strategies.