"It has never been easier to do business in India".
"India, with eight reforms, was one of this year's top ten improvers worldwide and the leading regional performer. Last year in 189 countries, we were 172.This year we have moved up 53 places", he said. Still, even investors with a long-term perspective can only remain long on a country for so long, which is why it is encouraging that the government has started focusing on making it easier to do business in the country. The region's lowest ranked economies are Afghanistan (183) and Bangladesh (177). "Forget "Ease", where is the "Business", Modi ji?", Surjewala tweeted. Moreover, World Bank listed names of 10 countries which have taken structural reforms, and India is the only major economy to feature in this list.
"Crores of job losses in the informal sector have resulted in a "cease of doing small businesses".
While terming the improvement in the rankings as historic, the Prime Minister in a series of tweets, said that the jump is the outcome of the all-round and multi-sectoral reform push of Team India. The report placed India to the 4th position in protecting the interest of minority investors. But it ranked among the worst in dealing with construction permits, resolving insolvency, registering property, trading across borders, paying taxes and enforcing contracts.
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Also, the implementation of Bankruptcy and Insolvency code, 2016 has improved the ranking of India on resolving insolvency parameter from 136 th in 2017 to 103 rd in 2018, he added. China, for instance, is ranked 78th and Bhutan, at 75th place, is the highest ranked economy in South Asia.
India has always been a market that investors, domestic and multinational, can not ignore, irrespective of attendant (and significant) issues of how business is done in the country.
The time taken to enforce a contract is longer at 1,445 days than it was 15 years ago.
Industry body and associations Tuesday welcome the robust improvement in the ease of doing business in India.
"Tackling these challenging reforms will be the key to India sustaining the momentum towards a higher ranking". He further said he will request states to expedite municipal permits. "Hiding behind World Bank reports will not at alter this grim reality." he said.