Modi hails improvement in global ease of doing business ranking

The World Bank said political risks are wide-ranging

Last year, Russian Federation ranked 40th based on categories evaluating the ease of starting a business, registering property, getting loans, paying taxes, and enforcing contracts. Each one of these indicators carry equal weightage.

Bhutan, in 75th place in doing business rankings, is the highest ranked economy in South Asia, followed by India (100) and Nepal (105).

He added that India was the only country named in the World Bank report for undertaking structural reforms.

Commenting on the outcome of the report, Finance Minister Arun Jaitely said the report underlines that the government's actions are moving in the right direction. In last two years, we made it to 131, 130 places.

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It was a given that India would improve its position in the Doing Business Rankings. In availability of credit, India is ranked 29th.

Getting Electricity: India made getting electricity faster and cheaper by streamlining the process of getting a new commercial electricity connection. Meanwhile, the Indian economy has improved its standing to 103 in terms of resolving insolvency. "There's huge scope for us to now jump from this position of 100". Jaitley said they were working towards rectifying that too.

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.

"India is the only large country this year to have achieved such a significant shift".

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He noted: "We are one of the top ten reforming economies in the world in 2017".

The reforms include Starting a Business, Dealing with Construction Permits, Registering Property, Getting Credit, and Paying Taxes. "To secure changes in the remaining areas will require not just new laws and online systems but deepening the ongoing investment in the capacity of states and their institutions to implement change and transform the framework of incentives and regulation facing the private sector", Junaid Ahmand, Country Director India, World Bank said.

The robust reforms undertaken by the Government on the infrastructure and logistics front has improved the trading across borders. Since June 1 is the cut off date for ranking economies on the basis of 10 specified parameters, GST implementation was not factored in this year.

This, however, does not reflect the latest goods and services tax (GST), whose results could be reflected only in next year's ease of doing business' report. "The 3-4 areas where we haven't been treated very high are all areas where significant amount of work is in progress and once its impact is shown to the ground, I'm sure it will be taken into consideration in next year's ranking", he said. All this is due to the prime minister's personal adventurism in policy-making.

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