India Ranked in the Top 100 Ease of Doing Business Index

IndiaIn the year 2016, India was raked at 130 in World Bank’s “Ease of Doing the Business Index ranking. It is speculated that it would jump 30 spots and would be one of the top 100 banks in the year 2017. A local Indian newspaper has reported that the ranking has been improved because of the development in certain areas like “starting a business”, “resolving insolvency” and “dealing with construction permits”.

The ranking of India in the three areas as mentioned above is speculated to become significantly better for the year 2017. In these areas, the country was ranked at 155, 136 and 185 respectively last year. Based on these reports, last year’s low rank has compelled India to improve its game.

To improve the ranking, the Prime Minister of India Narendra Modi has specially ordered all his Cabinet Ministers to fast track all the reforms in the country. Delhi and Mumbai are two cities that made significant development and responded to the challenge from the PM. These cities made some changes to improve the business.

CNBC-TV18

In the meantime, an official from Government of India has applauded the efforts in the recent implementation of Goods and Service Tax (GST), and it has certainly enhanced the business environment. The Insolvency and Bankruptcy Code that was enacted last year has created a better framework for bankruptcy and insolvency in India. It has repealed some acts like Sick Industrial Companies (Special Provisions) and Presidency Towns Insolvency Act of 1909. The Goods and Service Tax (GST) was successfully implemented from 1st July 2017.

While India is all set to join the league of top 100 business index which is ranked by World Bank, the overall improvement is far stretched from PM’s goal to secure a spot in top 50. The World Bank is going to publish the business report for the year 2018 on 31st October 2017.

The improvement by India in world ranking has undoubtedly given a boost to its overall reputation and has possibly mitigated public scrutiny which has become quite vocal at present. People are criticising the BJP government for messing the country with the demonetization drive and implementation of Goods and Service Tax.

Media is of the opinion that if Indian can secure its position in top 100, this leverage would be used b BJP to get commiserations from the people in coming election especially from crucial parts of the country like Himachal Pradesh and Gujrat.

Steven Rudford

Steven Rudford

Hello, my name is Steven Rudford. Welcome to Top10FX.net. Follow my website for the most trustworthy Forex broker reviews and last minute financial trading news.


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