New Delhi: To realise his vision of India breaking into the top 50 in the World Bank’s ease of doing business index, Prime Minister Narendra Modi will chair a meeting with top industrialists and policy makers on Monday.
The meeting ‘Reflections on Ease of Doing Business’ is being organised by the Department of Industrial Policy and Promotion as the government gears up for India’s ranking to leapfrog on the ‘Doing Business’ index next year and boost the country’s investment attractiveness, the sources told PTI.
Industrialists like Anand Mahindra and top representatives from industry chambers CII, Ficci and Assocham, among others, would share their inputs and feedback for the roadmap required to move ahead in that direction, they added.
Senior government officials from the team that worked on reforms to improve the ease of doing business parameters taken into account by the World Bank will also participate in the meeting.
In the World Bank’s ease of doing business index released on October 31, India leaped 23 places to 77th position riding on business-friendly economic reforms like the GST, the Insolvency and Bankruptcy Code and tax reforms.
This was India’s second consecutive jump in ‘ease of doing business’ raking. Last year, India had jumped 30 places to stand at 100th place and was one of the 10 countries that had shown improvement in eight out of 10 indicators for “Doing Business”.
When the Narendra Modi government came to power in 2014, the country stood at 142nd spot among 190 nations. At that time, the country was battling perceptions of excess red-tape and policy paralysis.
Since then, India has improved its position on the global index by 65 positions and by 53 positions in the last two years.
Four years of reform pushed up India’s rank to 100th in World Bank’s ‘Doing Business’ 2018 report. It was 130th in 2017 when it was ranked lower than Iran and Uganda.
World Bank president Jim Yong Kim Friday described India’s jump in the ease of doing business index as a “historic and unprecedented achievement”.
He said it is remarkable that a nation of over 1.25 billion people has achieved a rise of 65 ranks in a short period of four years.
He also that this has been made possible, in large measure, due to the unwavering commitment and leadership of Prime Minister Modi. He described this as a historic, and unprecedented achievement, the statement said quoting him.
The surge in ranking came as a shot in the arm for the Narendra Modi-led government which faces strong dissenting voices from opposition parties ahead of the general elections next year.