Saying that Maharashtra a key role in making India make it to the top 50 target on the World Bank's Ease of Doing Business index, NITI Aayog CEO Amitabh Kant praised the state for playing a stellar role in lifting country's rank to top 100.
Saying that Maharashtra a key role in making India make it to the top 50 target on the World Bank’s Ease of Doing Business index, NITI Aayog CEO Amitabh Kant praised the state for playing a stellar role in lifting country’s rank to top 100. According to PTI, Amitabh Kant at the ongoing Maharashtra investors summit said that “to reach the top 50 in two years, Maharashtra will again play a key role.”
India, last October, made a huge jump of 30 ranks to wade into the top 100 of the Ease of Doing Business on back of reforms like the Insolvency and Bankruptcy Code (IBC) and for protecting minority investments. World Bank’s study of the Ease of Doing Business is based on two cities for a big country like India. Steps taken by Maharashtra and national capital New Delhi were evaluated for the ranking.
The move came as a big shot in the arm of Prime Minister Narendra Modi and the government is now hoping to make it top 50 in coming years when reforms like the Goods and Services Tax (GST) will be taken into consideration.
Post India’s jump on the covert business index, rating agency Moody’s, in a surprise move, upgraded India’s sovereign ranking from Baa3 to Baa2, praising structural reforms taken by the government. Following that S&P, too, praised the Modi government but refrained from upgrading India.
The government in partnership with the World Bank also keeps a real-time data of the ease of doing business at the state-level. Maharashtra is often ranked in the top ten states putting efforts to enhance the ease of doing business, while New Delhi lags behind. Given this, the government is understood to have high hopes from Maharashtra in improving India’s ranking.