New Delhi, October 31: Prime Minister Narendra Modi on Tuesday welcomed the Ease of Doing Business report 2018 released by the World Bank. Modi said India’s unexpected jump in the crucial report shows multi-sectoral reforms by the government in the recent past. India jumped from 130th position in its previous report to 100th position in the report released on Tuesday.
Hailing the big jump, Bharatiya Janata Party President Amit Shah tweeted, “Today’s results demonstrate PM Narendra Modi’s laser focus on improving lives of our citizens and implementation of various reforms.” “Better business environment is leading to better business opportunities for our entrepreneurs, particularly small and medium enterprises,” said Shah.
Union Finance Minister Arun Jaitley also said the report noted India’s structural reforms for doing business in India easier. Jaitley added India has also fared well in indices showing availability of credit to businessmen. Jaitley emphasised the country may rank in top 50 if efforts are made to remove inconsistencies in sectors where it fared poorly.
Joining the fray, Niti Aayog Chief Executive Officer Amitabh Kant said the report admitted that government protected Minority Investors by enhancing remedies available in cases of prejudicial transactions between interested parties.
However, the Congress criticised the centre and said the ease of doing business has become cease of doing business for small business enterprises.
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.
Earlier in 2016, India was ranked among top 50 in three categories including minority investment, getting electricity and getting credit, but it ranked among the worst in the world in dealing with construction permits, resolving insolvency, registering property, trading across borders, paying taxes and enforcing contracts.
(With inputs from ANI)