Published: Wed, November 01, 2017
Culture | By Antonia Gonzales

Takeaways from Jaitley's speech on India's ranking in WB's report

Takeaways from Jaitley's speech on India's ranking in WB's report

Russia's new ranking places it ahead of many Western countries such as Belgium and Italy, and just behind Japan.

The Ease of Doing Business report is based on how easy it is for companies to do business as well takes in account certain regulations based on ten parameters including starting a business, getting electricity, dealing with construction permits and paying taxes among others.

Describing India's rise in the "Ease of Doing Business index" report as "historic jump", PM Narendra Modi applauded country's performance. This is for the first time that India rank 100th amongst 190 Countries.

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

India becomes a better place for minority investors, but is still lagging behind in areas like building construction permits; will request states to expedite municipal permits. However, Brazil is the only BRICS nation below India in terms of ease of doing business. He expected India will soon reach the 50 position.

The US moved up two places to sixth, ahead of the United Kingdom but behind Hong Kong and South Korea.

Protecting Minority Investors: India strengthened minority investor protections by increasing the remedies available in cases of prejudicial transactions between interested parties.

Also, with the enactment of the new bankruptcy law, India's ranking on insolvency resolution has also improved. "One reform they have not factored in is starting a new business".

"Tackling these challenging reforms will be the key to India sustaining the momentum towards a higher ranking".

The rankings were unveiled after the government announced earlier on Tuesday that the core sector grew at a six-month high of 5.2% in September and that the fiscal deficit had improved to 91.3% of the budget estimate at the end of September from 96.1% at the end of August as revenues picked up pace. Furthermore, following improvements to the online system in 2016, the time needed to complete the applications for Employee's Provident Fund Organization (EPFO) and the Employee's State Insurance Corporation (ESIC) decreased. The latest report validates the commitment of the government to fast-tracking economic reforms, addressing red tapism and facilitating business. "In fact, India is well on its way to emerge as a global leader in protecting minority interests and is now ranked 4th in the world". 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. The specifics are equally impressive: On eight of the 10 indicators used for the ranking, India improved its score.

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