'Taking India into top 50 countries on ease of doing business ranking is doable'
India has moved up 30 places in the latest ease of doing business ranking by the World Bank, as per in its Doing Business 2018 report, which was released on Tuesday. The report ranks India at 100 among 190 countries. Last year, India was ranked 130.
"Highest jump any country has ever made," said Finance Minister Arun Jaitley today on India’s ranking in World Bank's Doing Business Report 2018.
Key takeaways from Mr. Jaitley's speech:
* India is getting into a different league, as far as ease of doing business is concerned.
* We have jumped 53 places to 119 in ease of paying taxes as per World Bank report.
* India has been taking structural reforms this year; in areas like resolving insolvency, reforms in taxation, providing electricity. We we ranked 136th in resolving insolvency; we have now jumped 33 positions to 103rd.
* I believe it is possible to take India into the first 50 ranks, as envisioned by PM.
* India has become a better place for minority investors, but is still lagging behind in areas like building-construction permits; will request States to expedite municipal permits.
* In starting a business, there is an important work in progress. We've already amended our systems. It takes only one day to register a company. It is quite simple. All the work has been made simpler. We are 156th in starting a business. We've been trying to nudge State governments that all the construction permits should come online.
* Making business easier is not just for foreign investors, but all investors. Even business without FDI should be able to start sooner.
* The success or failure of startups depends on the idea that drives the company.
* Reforms are a continuous process; there are 3 or 4 areas where we lack. I'm sure it will be taken into consideration this year.
