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Ease of Doing Business: Ease of doing business impact shows lives of citizens have become better: PM Modi

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NEW DELHI: On Saturday, Prime Minister Narendra Modi said that ease of doing business leads to ease of life. Speaking at a conference, ‘India’s Business Reforms’, he said that the ease of doing business impact shows that lives of citizens have become better. He also congratulated ‘all those who have worked’ towards India’s impressive performance in the World Bank’s latest report on Ease of Doing Business.

Reiterating his mantra of ‘reform, perform, transform’, PM Modi said,” India has reached a position from where it is easier to improve further and our efforts have gathered momentum.” He further said, “India is moving towards becoming a knowledge based, skill developed & technology driven economy”, while pointing out that India has also moved 32 places up on Global Competitiveness Index. He said that the government is putting efforts to make business environment simpler and inducive, claiming that more than 90 per cent of FDI approvals are taking place through automatic route.

He exuded confidence that India’s ease of doing business ranking will further improve next year when the impact of GST is taken into account. This year’s report did not reflect GST’s impact as the cut-off date for the report was June 1, a month ahead of GST launch.

PM Modi was in attendance at the conference with World Bank CEO Kristalina Georgieva, Minister of Commerce and Industry, Suresh Prabhu and a bevy of government officials.

He also appreciated World Bank’s decision to focus the report on jobs and accepted it as a challenge. The report was titled “Doing Business 2018: Reforming to Create Jobs”

Highlighting on the importance of the rankings, CEO Georgieva hailed it as a “pragmatic and progressive way to prove that progress is being made” and congratulated the ‘cricket loving nation’ of India for ‘hitting a century. She also lauded India’s adoption of GST saying it creates an incredible opportunity for India to grow.

In the latest World Bank report, India jumped 30 places to be placed at 100th position on the Ease of Doing Business rankings. A series of reforms brought by the government, led by the implementation of enactment of Insolvency and Bankruptcy Code (IBC), has been credited for the jump.

In its annual report , the World Bank said that India’s ranking reflects nearly half of the 37 reforms, adopted since 2003, implemented in the last four years.

“India has improved a lot (this year), but there’s still room for improvement, So, I wouldn’t necessarily classify it as a nice place to do business yet, but definitely is in the right direction to become a nice place. It is much easier than it was two years ago,” said Rita Ramalho, acting Director for World Bank’s Global Indicators Group.

Updated: November 4, 2017 — 11:42 am

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