New Delhi: India is expecting a significant improvement in ranking in the World Bank’s ease of doing business index on the back of several steps taken by the government like bankruptcy law and host of other reforms, a senior official said.
The World Bank will launch the ‘World Bank Group’s Doing Business 2018: Reforming to Create Jobs’ tomorrow. In the last report, India’s place remained unchanged from previous year’s ranking of 130 among the 190 economies that were assessed on ten parameters.
Besides implementation of the roll-out of the big-bang Goods and Services Tax (GST) from July 1 this year, the government has considerably eased procedures for setting up businesses in the country.
The insolvency and bankruptcy law too has been operationalised, which paved way for speedier exit of failed businesses. The NDA-government has been taking bold reform initiatives since it came to power in May 2014.
Following release of last report in October 2016, Prime Minister Narendra Modi had asked the top officials in states and at the Centre to study the report to analyse areas requiring reforms and improvement. The government has been making efforts to further improve ease of doing business and aims to bring the country in the top 50.