World Bank chief economist Kaushik Basu says India can be in the top 100 countries in 'Doing Business' list, however, PM Narendra Modi's government must deliver tangible results on the ground. Check out top 7 points that will turn around Indian economy:
World Bank chief economist Kaushik Basu says India can be in the top 100 countries in ‘Doing Business’ list, however, PM Narendra Modi’s government must deliver on a number of economic parameters and tangible results on the ground – World Bank in its report on Wednesday has said that India jumped 12 places in the ease of doing business from 142 last year to 130 this year. Here we list top 7 points shared by Basu that have the potential to turn around the Indian economy and raise its doing biz ranking:
1. Inclusiveness. India is a diverse society and its policies have to be such that all groups feel included, and part of society. This entails health and educational interventions for the disadvantaged.
2. On economic reforms, there are a couple of big ticket items on the agenda. India can be in the much coveted top 100 countries’ list on ease of doing business next year itself if it implements economic reforms, including the crucial Goods and Services Tax (GST). The GST is the biggest one – implementation of GST would help considerable improve ease of doing business ranking.
3. The Indian government must cut down on the massive bureaucratic costs of doing business for small and medium-sized firms in the country.
4. There are countries which have moved 30-40 places at one go, but usually these are small countries. For a big economy like India, it is difficult. Usually in other countries when the reforms start, in the first year, you get a small movement then in the second and third year, you get a big movement.
5. India needs better infrastructure across the spectrum of economic activity including roads, railways, ports and more.
6. India needs to cut down transactions costs it places on individuals and small enterprises.
7. The design of economic policy requires a lot of skillful professional thought in the Indian government. People in top posts must not be just from those in government. Skilled people from India’s universities, the Delhi School of Economics, Indian Statistical Institute, Indira Gandhi Institute should be used too – these professionals must be given voice.