New Delhi, Sept 30: India moved 16 places up in the ranking by World Economic Forum’s global competitive ranking in ease of doing business. The report (released on Tuesday), which shows a good trends emerging from the sluggish speed since 2010, ranks India at the 55th position among the 140 nations which by far is nations’s best. (Also Read: Raghuram Rajan: RBI governor shows why he is the boss of Indian monetary policy)Also Read - Mann Ki Baat News And Updates: PM Narendra Modi Says The Radio Programme is For People, Not 'Political Gains'
So do we give all the credits to the new economic policies that have changed the perception of WEF towards India, or thank the sluggish development of already emerged economies? If reports are to be believed, this improvement took place largely after the election of Narendra Modi, whose pro-business, pro-growth, and anti-corruption stance has improved the business community’s sentiment toward the government. Though, India still ranks much below than its competitors like China (28) and South Africa (49), it has beaten Brazil this time which stands at 75th position. Also Read - Pakistan Welcomes PM Modi's Phone Call to Imran Khan
Considering corruption as the biggest obstacle in India, the business leaders feels though India scales good on quality of institutions’ factor (ranks at 60th), yet the hindrances are much beyond the expectations. Since the NDA government has come to power in May 2014, it has been unveiling several campaigns in order to improve the country’s business environment. Prime Minister’s famous schemes like “Make in India” and “Skill India” have created much vows among the world. (Also Read: India up 16 places to 55th on global competitiveness index) Also Read - Pakistani officials worried over Trump-Modi bonhomie: Daily
Even though with 7 per cent high GDP in 2014, the government has not been able to favour itself among the business leaders, thanks to the major growth bottleneck — electricity. Major connectivity between industry sites and ports are yet to be developed along with the manufacturing sector, which India seeks to develop in coming years.
Taking a close look at the ‘Digital Readiness’ of the country, the situation looks quite grim, with India ranking 120 among 140 nations. The Modi government has been emphassing on the “Digital India” scheme to a lot of extent in order to improve the current condition. According to the report released by the WEF, “India remains one of the least digitally connected countries in the world. Fewer than one in five Indians access the Internet on a regular basis, and fewer than two in five are estimated to own even a basic cell phone.” (Also Read: Two global reports reflect success of India’s FDI policy: DIPP Secretary Amitabh Kant)
If India had to make sure that it gets recognised by the world’s biggest investors, it will have to improve its macro-economic environment and labour market efficiency, which currently stands India at 91 and 103 ranks respectively.