'Historic' jump in Doing Business rankings is outcome of Team India's push for multi-sectoral reform, says PM Modi
New Delhi, Nov 1 (IBNS): Prime Minister Narendra Modi has hailed the country's progress after India registered the highest ever improvement of 30 ranks, going from 130 to 100, in the World Bank's ease of doing business rankings, according to media reports.
He called it a historic 'achievement',
On Tuesday, after Union Finance Minister Arun Jaitley gave the details of the report, the Prime Minister's Office tweeted, "India has leapt 30 ranks over its rank of 130 in Doing Business Report 2017! The Report is an assessment of 190 economies, covers 10 indicators which span the lifecycle of a business. India has improved its rank in 6 out of 10 indicators & moved closer to global best practices."
In a series of tweets, the Prime Minister said:
" Historic jump in ‘Ease of Doing Business’ rankings is the outcome of the all-round & multi-sectoral reform push of Team India."
"Easier business environment is leading to historic opportunities for our entrepreneurs, particularly MSME sector & bringing more prosperity."
"Over the last 3 years we have seen a spirit of positive competition among states towards making business easier. This has been beneficial."
The Prime Minister assured the global community that it has never been easier to do business in India. "India welcomes the world to explore economic opportunities our nation has to offer!" the PM said.
Finance Minister Arun Jaitley congratulated all the stakeholders on India jumping 30 ranks and tweeted, "Government is committed to further #EaseOfDoingBusiness by bringing in more reforms."
In another tweet, Jaitley said, "Economic reforms start bearing fruit with passage of time & Govt.’s stand on India’s growth road map is vindicated with #EaseOfDoingBusiness"
The report, which is based on data from Mumbai and Delhi, pegged India's distance to frontier (DTF) at 60.76, with the regional average for South Asia being 50.64.
The distance to frontier (DTF) measure shows the distance of each economy to the “frontier,” which represents the best performance observed on each of the indicators across all economies in the Doing Business sample since 2005.
According to the report, India is among the top 10 "improvers" globally, having done better in eight out of 10 business indicators.
The report also said that India has jumped 53 places from 172 to 119 on ease of paying taxes, moved to the 4th rank on protecting minority investors and up 15 places from 44 to 29 on ease of businesses getting credit, according to media reports.
However, the report also indicated some areas where India needs to be careful. For example, India has fallen 16 places on ease of registering property, down on trading across borders and dropped one rank from 155 to 156 on ease of starting businesses, media reported.
According to the World Bank report, New Zealand tops the index on ease of doing business this year, followed by Singapore and Denmark.
Among India's neighbours, China is at 78, Pakistan is at 147 and Bangladesh is at 177.
Somalia figures last on the list.
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