India ranks 100 in World Bank's Ease of Doing Business list

World Bank to release Ease of Doing Business report today

The report, which ranks New Zealand, Singapore and Denmark as the easiest countries in the world to do business in, ranked China at 78, which is 22 spots above India.

A statement issued by his spokesman, Femi Adesina, in Abuja, on Tuesday, noted that besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the Top 10 Reformers globally.

According to the World Bank's latest annual ease of doing business report, India now ranks 100th among 190 countries.

"Predictably, this has sent a chill through the business community and no "ease of doing business" is visible there", he added.

Indias position in the ease of doing business rankings were stagnant around 130 for many years and it reached 142 in the last year of the UPA rule, the BJP chief said. "It is a clear signal that not only has the country been open for business but it is also competing for the preferred place for doing business", said Annette Dixon, vice-president, South Asia region, World Bank.

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.

"With great responsibility, we would like to say that Arun Jaitley has proved to be the worst FM in India's history. The country's corporate law and securities regulations have been recognised as highly advanced, placing India in 4th place in the global ranking on protecting minority investors", it said. However, the number of procedures is still cumbersome for local entrepreneurs who still need to go through 12 procedures to start a business in Mumbai.

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Banerjee, however, rued that one of the most important reforms - GST - has not been considered in this year's report owing to cut off date.

"This is the first time that India has climbed so dramatically in the ease of doing business rankings and it sends a message to worldwide investors that the government is committed to slashing India's notorious red tape and rolling out the red carpet for them", Dhume said. The ranking comes as a shot in the arm for the Narendra Modi government amid dissenting voices in certain quarters about implementation of the Goods and Services Tax (GST) as well as demonetisation.

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".

"Crores of job losses in the informal sector have resulted in a "Cease of Doing Small Businesses".

"However, a lot more needs to be done and the effort in further scaling up of ease of doing should continue", Assocham said.

Over the last 3 years we have seen a spirit of positive competition among states towards making business easier. "Forget "Ease", where is the "Business", Modi ji?", Surjewala tweeted.

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