A very big and laudable news is now coming from the business sector of India. Our country has moved up to thirty steps to make it under the top 100 in the recent report of World Bank’s latest Doing Business: Reforming to Create Jobs rankings. A big credit to all this goes to the improvements in indicators such as resolving insolvency, paying taxes, protecting minority investors and getting credit. “The significant jump this year is a result of the Indian government’s consistent efforts over the past few years and India’s endeavor to strengthen its position as a preferred place to do business,” said Annette Dixon, Vice President, South Asia region at the release of ‘Doing Business 2018: Reforming to Create Jobs’ on Tuesday.
On the other side Prime Minister of India Shri Narendra Modi, hailed this jump and quoted it as “historic” and said it was a result of “all-round and multi-sectoral reform push.”Finance Minister Arun Jaitley said India’s jump is the highest by any country, and that reaching the ‘top 50’ target set by Prime Minister Modi is “doable”. There are many reasons and justifications for the situation, a vast improvement in its business regulation and performing well in areas such protecting minority investor rights, getting credit and getting electricity have helped the country move up the rankings.
The government will see the jump as a vindication of reforms over the last three years and a yardstick for improvement in its governance. The ranking is basically focused on Delhi and Mumbai and small towns and cities of India would take time to come under the vicinity. A lot needs to be done to spur growth and raise investor confidence. These include cutting the maze of regulations and ensuring robust infrastructure for companies starting a business in India. Indian companies have to comply with a dozen procedures to start a business in Mumbai. That is indeed cumbersome for local entrepreneurs compared to five procedures that industrialized countries (OECD) follow. But, let us see, how this improved ranking is going to take India and where it would take the country. Always hopeful to get the best.
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