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Representatives of corporate India welcomed the robust improvement in the Ease of Doing Business rankings of India.
While appreciating the efforts of the government for the improvement in Ease of doing business in India, Anil Khaitan, President, PHD Chamber of Commerce and Industry said that we have every potential to improve in our tedious and traditional business processes which hamper the functioning of the businesses and promotion of economy.
Improvement at 100th level is not a surprise for us as our government was doing a lot to make it a better country to do business, said Khaitan. India’s ranking has improved from the level of 130 th in 2017 to 100 th in 2018, he said.
The improvement in the eight parameters is tremendous as reforms across the board have resulted in fruitful outcomes in the starting a business, dealing with construction permits, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency, said Khaitan.
The improvement in these parameters has pushed India’s ranking to the higher level. India was the only economy in South Asia to become the top improver in ease of doing business.
Also, the implementation of Bankruptcy and Insolvency code, 2016 has improved the ranking of India on resolving insolvency parameter from 136 th in 2017 to 103 rd in 2018, he added.
The robust reforms undertaken by the Government on the infrastructure and logistics front has improved the trading across borders. "We are proud that our country has improved more than 30 points in the Ease of Doing Business," he said.
"Going ahead, we look forward for further improvement in the Ease of Doing Business as the GST is not factored in as the cut of date for Ease of Doing Business Ranking 2018 was June 2017. We strongly believe that government will continue its serious efforts for the future improvement in Ease of Doing Business and we look forward at India’s ranking below 50 th in the coming years. We need to focus on more reforms in getting the electricity connections and registering property," said Khaitan.
Pankaj Patel, President, FICCI, said, "The focused attempt with which the Government of India has sought to improve India’s ranking in the World Bank’s “Doing Business Rankings” has been rewarded with a significant jump in the rank from 130 to 100."
"FICCI welcomes this. The policy effort that has contributed to this has been broad-based and encompasses a range of areas including taxation, finance, legal and administrative procedures. With GST, the government has laid the foundation for a more efficient indirect tax system and likewise, with the enactment of Insolvency and Bankruptcy Code, India now has an efficient institutional mechanism for ease of exit as well. Significant steps have also been taken to simplify and speed-up the entry and starting up of businesses”, he added.
"An improvement by 30 places in the rankings is significant and should boost investor confidence in doing business in India. FICCI would continue to seek policy measures and bureaucratic reform that would contribute to a sustained improvement in India’s rank. As a nation of entrepreneurs India is destined to be among the top economic powers of the world if governments continue to make it easier for businessmen and innovators to invest in India," said Patel.
“The responsibility for making it easier to do business in India is that of both the Central and State governments. Reform at the State level has become even more important”, added Patel.