Not just the Congress and rest of the opposition, even Prime Minister Narendra Modi is not happy with the latest ease of doing business ranking of India by the World Bank. While the opposition parties have said the ease of doing business doesn’t change the fundamental reality of the Indian Economy on the ground, which they claim has been destroyed by Modi government in the last three years, the prime minister has a different reason for not being satisfied with the ranking.
The latest ease of doing business has put India on the 100th rank, which is a jump of 30 places as compared to last year.
Addressing the opening of Global Entrepreneurship Summit on Tuesday, “Our government has taken several steps to improve the business environment. The jump in India’s ranking in the World Bank’s Ease of Doing Business Report, from 142 to 100, in three years, is a result of this.”
“We have improved on indicators like dealing with construction permits, getting credit, protecting minority investors, paying taxes, enforcing contracts and resolving insolvency,” he added.
However, the Prime Minister said he is yot yet “satisfied” with the 100th rank. He wants India to break into the top 50. “The process is not yet complete. This is an area where we are not satisfied with 100th rank. We would strive towards 50th rank,” the Prime Minister said.
Talking about Start-up India programme, Modi said, “Our Start-Up India programme is a comprehensive action plan to foster entrepreneurship and promote innovation. It aims to minimize the regulatory burden and provide support to startups. Over 1200 redundant laws have been scrapped, 87 rules for FDI have been eased in 21 sectors, and several government processes have been taken online.”
In World Bank’s latest ‘Doing Business’ report, India has been ranked 100th for the first time. The jump was possible because of reforms in as many as eight out of 10 indicators, including important ones like starting a business, paying taxes and resolving bankruptcy.
The Congress had, however, termed the World Bank’s latest ranking as ‘cease of doing business.” The main opposition party said Modi’s In a stinging attack, the Congress said PM Modi’s ‘policy adventurism’ and Finance Minister Arun Jaitley’s ‘adhocism’ caused economic misery. “Congrats India for better ease of doing business ranking! But data shows cease of doing business got a bigger jump because of Modinomics,” Congress spokesperson Priyanka Chaturvedi had Tweeted after the report was published.