Ease of Doing Business jump: Nirmala Sitharaman admits slow rise in this area; says, will improve

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Updated: October 24, 2019 4:04:21 PM

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.

Nirmala Sitharaman, ease of doing business, doing business 2020, red tape, FM on ease of doing business, world bankWorld Bank has appreciated India for adopting the Doing Business indicators as a core component of its reform strategies.

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.

Also Read: World Bank praises India for improving ‘Ease of Doing Business’; here’s what country did right

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.

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.

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