India moved 30 positions up in the latest ease of doing business ranking by the World Bank, in its Doing Business 2018 report which was released on Tuesday. Addressing a press conference minutes after the World Bank ranking was made public, Jaitley said India is the only major country named for pursuing structural reforms.
Brunei, Thailand, Malawi, Kosovo, India Uzbekistan, Zambia, Nigeria, El Salvador were the other countries that improved the rankings the most, the report added.
However, he said that India still lag in building construction permits. Sri Lanka is at 111, Maldives at 136 and Pakistan is at 147 in the ease of doing business report.
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Also, with the enactment of the new bankruptcy law, India's ranking on insolvency resolution has also improved.
Apart from these benchmarks in the Doing Business 2018 report, India has been ranked 164 in Enforcement of Contracts, 181 in Construction Permits, 156 in Starting a Business. "Hiding behind World Bank reports will not at alter this grim reality." he said. However, the number of procedures is still cumbersome for local entrepreneurs who still need to go through 12 procedures to start a business in Mumbai.
Getting into the top 50 countries is a distinct possibility over the short term, Union Finance Minister Arun Jaitley said after India jumped over 30 places in a few years in the World Bank's "Ease of Doing Business" global rankings. Last year, India was ranked 130. "It is a clear signal that not only has the country been open for business but it is also competing for the preferred place for doing business", said Annette Dixon, vice-president, South Asia region, World Bank.
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"Reports showcased by spin doctor FM Jaitley ji will not change reality on ground", he said.
Describing India's rise in the "Ease of Doing Business index" report as "historic jump", PM Narendra Modi applauded country's performance.
His response came to Modi's tweet, saying, "Guided by the Mantra of "Reform, Perform and Transform" we are determined to further improve our rankings and scale greater economic growth". The ranking does not include the impact implementation of Goods and Services Tax (GST) has created as the cut off for judging the business environment was June 1.
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Trading across Borders: India reduced import border compliance time in Mumbai by improving infrastructure at the Nhava Sheva Port. Export and import border compliance cost were also reduced in both Delhi and Mumbai by eliminating merchant overtime fees and through the increased use of electronic and mobile platforms. The specifics are equally impressive: On eight of the 10 indicators used for the ranking, India improved its score.