Live updates | Ease of Doing Business rankings 2018: Congress takes on PM Modi, Centre over World Bank report

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New Delhi | Updated: November 1, 2017 9:35:13 PM

Ease of Doing Business rankings 2018 Live updates: World Bank has published Ease of Doing Rankings yesterday. India has gained 30 places to rank 100th in the World Bank's 'ease of doing business' ranking. The improvement was due to a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution.

ease of doing business, Ease of Doing Business rankings, Ease of Doing Business rankings 2018 Live updates, Ease of Doing Business rankings 2018, what is ease of doing business, congress, bjp, narendra modi, world bank, world bank report, Ease of Doing Business rankings 2018 Live updates: World Bank has published Ease of Doing Rankings yesterday. India has gained 30 places to rank 100th in the World Bank’s ‘ease of doing business’ ranking. (PTI image)

Ease of Doing Business rankings 2018 Live updates: World Bank has published Ease of Doing Rankings yesterday. India has gained 30 places to rank 100th in the World Bank’s ‘ease of doing business’ ranking. The improvement was due to a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution, according to report. It is to be noted that the latest Ease of Doing Business report by the World Bank released yesterday did not take into consideration the implementation of Goods and Services Tax (GST) from July 1, 2017. Buoyed by the jump in India’s ease of doing business ranking, Finance Minister Arun Jaitley exuded confidence and vowed to continue reforms that will help break into top 50 nations. PM Narendra Modi said that historic jump in ‘Ease of Doing Business’ rankings is the outcome of the all-round and multi-sectoral reform push of Team India, says PM Narendra Modi.

Track live updates for Ease of Doing Business rankings 2018

9: 35 PM: “It is a proud moment for us that country has improved 30 ranks to 100th in ‘ease of doing business’ in World Bank’s report. Delhi has played a vital role in this,” Sisodia told reporters earlier today.

9: 30 PM: Deputy Chief Minister Manish Sisodia also took a jibe at the Centre, asking it “not to hamper” his government’s works for one year on an “experimental basis” which will result in improvement of India’s ranking worldwide in other sectors like education and health.

9: 20 PM: “What about businessmen in smaller towns like Varanasi, Kanpur, Chandni Chowk in Delhi or in Ludhiana who are not aware. Is this ease of doing business for these small businessmen,” Sibal said.

9: 10 PM: Congress leader Kapil Sibal lamented that the World Bank report was not about smaller towns where people were finding it difficult to do business.

9:00 PM: Taking a jibe at BJP-led Central government, Congress leader Rajiv Shuklam said, “Where is the ease of doing business? We demand that the government should go for a reality check on the ground.

8: 40 PM: Addressing a press conference soon after the World Bank ranking was made public, Jaitley had said India is the only major country named for pursuing structural reforms.

8: 30 PM: “India’s historic climb in World Bank’s ‘ease of doing business’ rankings and buoyancy in global peers provided tail wind to the domestic indices surge to yet another record high,” said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.

8: 25 PM: In ease of doing business index, China ranks at 78, while Russia, Brazil and South Africa, are placed at 35, 125 and 82, respectively.

8: 20 PM: “Going forward, in the next two years India’s rank may surpass China and South Africa in ease of doing business ranking of World Bank,” the Ecowrap said.

8: 10 PM: However, the report also stated that India lags significantly in 4-sub indicators, namely ‘dealing with construction permits’, ‘registering property’, ‘enforcement of contracts’ and ‘resolving insolvency’.

8:00 PM: India’s rank is much ahead in ‘getting credit’ and ‘protecting minority investors’ among the BRICS countries, SBI said its report ‘Ecowrap’.

7: 45 PM: According to PTI, among the BRICS countries, India is ranked 4th in ease of doing business index. Compared to China, which continues to be at 78 place for the second year, India’s rank is better in four sub-indicators.

7: 40 PM: A series of reforms will help India surpass China in World Bank’s ‘ease of doing business’ ranking in the next two years, a research report by SBI said today.

7: 30 PM: Earlier in the day, Uttar Pradesh BJP chief Mahendra Nath Pandey said a better business environment was leading to better business opportunities for entrepreneurs, particularly small and medium enterprises.

7: 15 PM: Posting pictures of Modi and BJP President Amit Shah in another tweet, she said “world bank certifies,” in an apparent reference to the World Bank rankings.

6: 45 PM: “I will make India a (favourable) destination for foreign investors—(this) 2014 assurance of Modi has come true,” BJP state unit President Tamilisai Sounderrajan said in a tweet.

6: 18 PM: The BJP’s Tamil Nadu unit today hailed India rising 30 places in the World Bank’s ‘ease of doing business’ ranking, saying a 2014 poll time assurance of Prime Minister Narendra Modi has been implemented.

5: 25 PM: Uttar Pradesh BJP chief Mahendra Nath Pandey today congratulated Prime Minister Narendra Modi for the jump in India’s ranking on the World Bank’s ‘ease of doing business’ index.

5: 20 PM: According to PTI, the benchmark BSE Sensex zoomed over 387 points to close at a fresh life-time high of 33,600 while Nifty topped the 10,450-mark for the first time, powered by India’s jump on World Bank’s ‘Ease of Doing Business’ list.

5: 10 PM: “India’s giant leap in the Ease of Doing Business is the result of several determined & collective steps by Centre & States. We can get there,” tweeted Ashok Lavasa, who demitted office of Finance Secretary yesterday.

5: 00 PM: “Congratulations to all my former colleagues in Govt. Keep it up. India has the potential to be in top 50,” Das said in another tweet.

4: 55 PM: Improvement in ease of doing business is “extremely relevant” and will promote private investment, growth and job creation, PTI quoted former Economic Affairs Secretary Shaktikanta Das as saying.

4:45 PM: Addressing a press conference soon after the World Bank ranking was made public, Jaitley had said India is the only major country named for pursuing structural reforms.

4: 38 PM: Praising the BJP government over its phenomenal elevation in the World Bank ranking, Maharashtra chief minister Devendra Fadnavis took to Twitter and called the achievement a history! Here’s what he wrote.

4: 32 PM: Not just the Congress, but even the Aam Aadmi Party took a jibe at BJP-led Central government over the issue. This is what the official Twitter handle of AAP shared a while back.

4: 30 PM: Finance Minister Arun Jaitley, earlier in the day, said the UPA’s ‘ease of doing corruption’ has been replaced by NDA’s ‘ease of doing business’, apparently hitting back at Congress vice president Rahul Gandhi’s jibe.

4: 28 PM: “Everyone knows the reality of ‘ease of doing business’, but it is a good thought to keep oneself happy ‘Dr Jaitley’,” Gandhi had tweeted a couplet in Hindi.

4: 26 PM: The World Bank yesterday released a report showing that India has improved its rank by 30 notches to 100th position in the ease of doing business index.

4: 24 PM: In his tweets earlier in the day, Rahul Gandhi took potshots at the finance minister saying people knew the “reality” of the ‘ease of doing business’ but the improvement in survey rankings was a good thought to keep “Dr Jaitley” happy. Jaitley took to twitter to retort: “The difference between the UPA and NDA – ‘The ease of doing corruption has been replaced by the ease of doing business'”.

4: 22 PM: Finance Minister Arun Jaitley today said the UPA’s “ease of doing corruption” has been replaced by NDA’s “ease of doing business”, apparently hitting back at Congress vice president Rahul Gandhi’s jibe at him after a World Bank business index showed that India has improved its global ranking by 30 notches.

4: 20 PM: Targeting the finance minister, a day after the release of the World Bank report, Rahul Gandhi said, “Yesterday Arun Jaitleyji said some foreign organisation has certified that India has considerably improved in ease of doing business.”

4: 15 PM: Stepping up his attack on the Centre and the BJP-led state government, Gandhi covered a wide range of topics in his public rally earlier today. This included topics such as GST, caste politics and corporate favouritism.

1:40 PM: The rupee today positively reacted to India’s jump on Ease of Doing Business ranking by rising 12 paise to 64.63 against the dollar.

1:20 PM: Congress Vice President Rahul Gandhi has said there is no ease of doing business in India as demonetisation and GST have destroyed the economy.

12:01 PM: The change in ranking reflects the outcome of a significant effort by central, state and city administrations, another consultancy firm PwC said.

11:58 AM: The improved investment climate will give an impetus to several economic corridors that are ready for investors, it added.

11:56 AM: WATCH- Can India break into top 50 club of Ease of Doing Business

11:53 AM: The GST reform that did not get considered this year will drive India’s improvement in the next year’s assessment, but there is a need to continue to work on other areas including starting a businesses, trading across borders as well as land reforms, KPMG partner Nilaya Verma said.

11:49 AM: According to KPMG, the next paradigm shift to top 50 is still a long way ahead and will require India to maintain a strong momentum.

11:47 AM: It is to be noted that the latest Ease of Doing Business report by the World Bank — released yesterday — did not take into account the implementation of the Goods and Services Tax GST) from July 1.

11:44 AM: Passage of the GST Bill was clearly a watershed moment for the economy, but even otherwise there has been a sustained effort to simplify licensing and tax structures, thereby making India a much more investment-friendly place to do business, said Axis Bank MD Shikha Sharma.

11:40 AM: Watch this video

11:36 AM: With the improvement in India’s ranking in the World Bank’s Ease of Doing Business report to the 100th place, bankers and experts have expressed hope that GST will strengthen the country’s position in future.

11:33 AM: “Going forward, GST’s incorporation in next year’s assessment will provide another significant leap in doing-business rankings for India,” Yes Bank Managing Director Rana Kapoor said in a statement.

11:30 AM: “With the Indian government undertaking a spree of reform initiatives, the improvement in India’s doing business rankings come as no surprise. The reforms have been broad-based encompassing wide range of areas including taxation, finance, legal and administrative procedures,” Ficci President Pankaj Patel said.

11:27 AM: The annual ranking of Ease of Doing Business is topped by New Zealand with 86.55 points, followed by Singapore, Denmark, South Korea and Hong Kong, which is now under the control of China. The US and the UK are ranked 6th and 7th respectively.

11:24 AM: Among BRICS countries, Russia tops the list with 35th position, followed by China which has retained its ranking at the 78th place for the second consecutive year. Brazil, despite improvement in its score, is now at 125th place.

11:21 AM: “India’s climb up in ease of doing index comes on the back of several bold reform measures including Goods and Services Tax, Insolvency and Bankruptcy Code, digital drive and involvement of states in faster clearance of projects. However, a lot more needs to be done and the effort in further scaling up of ease of doing should continue,” Assocham said.

11:18 “The huge improvement in ranking and score will immediately boost investor sentiments. The report validates the commitment of the government to fast-tracking economic reforms, addressing red tape and facilitating business, which it has undertaken in mission mode over the last three years,” CII Director General Chandrajit Banerjee said.

11:15 AM: Watch this video

11:13 AM: Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that this year, since November the ministry started meeting stakeholders and taking feedback from them on the reform measures taken by the government to improve business climate.

11:10 AM: As per the World Bank’s doing business report 2018, India’s rank improved to 100th from 130th last year out of 190 countries.

11:06 AM: FM Arun Jaitley said that India was the only major country named for taking structural reform in the World Bank’s report.

11:03 AM: FM Arun Jaitley said the biggest jump India got in the ease of doing business was on taxation reforms, and added that taking India into the top 50 countries on ease of doing business ranking was doable.

11:00 AM: Sanjeev Sanyal told ET Now its difficult to be a thriving economy if 33 million cases are stuck in the pipeline.

10:57 AM: Jonathan Schiessl told CNBC-TV18 that improvement in Doing of Buiness rankings is a positive development

10:54 AM: WATCH- Central Government’s take on Doing of Business Rankings

10:50 AM: See India’s historic achievement

10:45 AM: Need higher competition among states. Be a bit patient, good things will happen, Sanjeev Sanyal told ET Now.

10:43 AM: Many issues need to addressed at the judiciary level, Sanjeev Sanyal told ET Now.

10:42 AM: Will work on improving ease of doing business, Sanjeev Sanyal told ET Now

10:41 AM: We have taken all parameters seriously, will work on areas where things need to be pulled up, Sanjeev Sanyal told ET Now.

10:39 AM: Bankruptcy and insolvency system is a big success for this government, Sanjeev Sanyal told ET Now.

10:37 AM: Sanjeev Sanyal to ET Now: Bankruptcy and insolvency system has helped in the ranking.

10:35 AM: India, which was ranked 142nd when the Narendra Modi government took office in 2014 and 130th last year, is the only large country this year to have achieved such a significant shift on the back of reforms in taxation, construction permits, investor protection and bankruptcy resolution.

10:30 AM: India’s position in the ease of doing business rankings were stagnant around 130 for many years and it reached 142 in the last year of the UPA rule, the BJP chief said.

10:27 AM: BJP president Amit Shah has credited Prime Minister Narendra Modi for the improvement in India’s ranking in the World Bank’s ‘ease of doing business’ index.

10:24 AM: Amit Shah said that the results demonstrate Modi’s “laser focus” on improving lives of citizens and implementation of various reforms.

10:21 AM: It was a trail-blazing show by stock markets today after the Nifty bolted past 10,400 for the first time and the Sensex hit yet another record 33,451 on the back of India’s jump on Ease of Doing Business list.

10:18 AM: Sensex today hit a record at 33,451.29, Nifty above 10,400 for the first time after India’s show on Ease of Doing business ranking.

Watch this video

10:15 AM: India, Biswal said, has been at the top in the last couple of years in terms of FDI interest and actual investment.

10:11 AM: “…that is because there has been a change in perception about the opportunity, change in perception about the attractiveness of the market and a change in perception about the ability of investors to be able to navigate that market,” Biswal argued.

Watch this video

10:08 AM: “FDI is like water. It seeks the path of least resistance. So the more you do to lower resistance the easier and faster the FDI will flow,” said Biswal, who served as the Assistant Secretary of State for South and Central Asia in the previous Obama administration.

10:05 AM: “This is a significant movement and a very important barometer of India moving the right direction and in creating the kind of channels that will attract (foreign direct) investment,” Biswal, the head of the US-India Business Council, told PTI.

10:00 AM: Describing as significant the huge improvement in India’s position in the World Bank’s ease of doing business ranking, the new president of an American advocacy group, Nisha Desai Biswal said that this would help attract more FDI to India.

9:56 AM: The improved investment climate will give an impetus to several economic corridors that are ready for investors, PwC added.

Watch this video

9:53 AM: The change in ranking reflects the outcome of a significant effort by central, state and city administrations, another consultancy firm PwC said.

9:50 AM: The GST reform that did not get considered this year will drive India’s improvement in next year’s assessment, but there is a need to continue to work on other areas including starting a businesses, trading across borders as well as land reforms, KPMG partner Nilaya Verma said.

9:46 AM: Passage of the GST Bill was clearly a watershed moment for the economy but even otherwise there has been a sustained effort to simplify licencing and tax structures, thereby making India a much more investment friendly place to do business, said Axis Bank managing director Shukla Dharma.

9:43 AM: According to KPMG, the next paradigm shift to top 50 is still a long way ahead and will require India to maintain a strong momentum.

Watch this video

9:40 AM: “Going forward, GST’s incorporation in next year’s assessment will provide another significant leap in doing-business rankings for India,” Yes Bank managing director Rana Kapoor said in a statement.

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