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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 congratulated ‘all those who have worked’ towards India’s impressive performance in the World Bank’s latest report on Ease of Doing Business.
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.
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.
Appreciating the World Bank’s decision to focus the report on jobs, he said India is a young country and job creation is an opportunity as well as a challenge.
Highlighting on the importance of the rankings, 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 “Doing Business 2018: Reforming to Create Jobs”, the World Bank said that India’s ranking reflects nearly half of the 37 reforms, adopted since 2003, implemented in the last four years.
The ranking, however, does not take into account business environment post implementation of GST, which weaved the country of 1.3 billion into one market with one tax and removed inter-state barriers for trade.
“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.