If India manages to break into top 80s this year, Narendra Modi’s dream of making India one of the best countries to do business and rank in the Top 50 countries on the World Bank Ease of Doing Business may not be far away.
The World Bank is all set to release its 2019 edition of the Ease of Doing Business ranking today as India watches with baited breath if the nation will repeat the last year’s success and jump up 25-20 places to enter into top 80 this year. Commerce Minister Suresh Prabhu will hold a press conference at 6.30 pm today (Wednesday), at the same time at which the World Bank will release the Ease of Doing Business report.
Last year too, Finance Minister Arun Jaitley addressed a press conference simultaneously with the release of the World Bank report, to break news that India has made it into top 100 on the coveted ranking of 190 nations. India ranked 100 on the World Bank Ease of Doing Business for 2018, its best rank in recent times, which was a jump of 30 places from the preceding year.
Earlier this week, Suresh Prabhu hinted that India will improve its ranking in the much-awaited report. “Tomorrow, you will be hearing a better news about India improving parameters on ease of doing business. We already have improved substantially. We will make the formal announcement tomorrow with the World Bank (releasing its report),” Suresh Prabhu said at an event on Tuesday.
On the back of multiple reforms, minus the GST, India had made substantial progress last year in the Doing Business ranking. Even as India was lauded for bringing reforms under the “Paying Taxes” category, the Goods and Services Tax (GST) was not included during the assessment last year.
Meanwhile, Kishore Desai, Officer on Special Duty to the Prime Minister’s Economic Advisory Council (PMEAC) and NITI Aayog, today wrote in the Financial Express that India can be reasonably expected to take a leap of about 25-30 positions this year, and breach top-80 rank this year, given all the reforms and measures the current government introduced in the last few years.
If India manages to break into top 80s this year, Narendra Modi’s dream of making India one of the best countries to do business and rank in the Top 50 countries on the World Bank Ease of Doing Business may not be far away. The Doing Business report by the World Bank assesses 190 economies to measure regulations directly affecting businesses and overall environment such as market situations, infrastructure, inflation, crime etc.
The report is based on ten parameters — starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. The report is vital as it is considered an important benchmark to understand how easy or difficult it is to do business in a particular country.