India’s rank will “seriously improve” in the World Bank’s ‘Doing Business’ report next year on the back of reforms like GST and Insolvency & Bankruptcy Code, Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said Friday. In the World Bank’s latest ‘Doing Business’ 2017 report, India’s place remained unchanged from last year’s original ranking of 130 among the 190 economies that were assessed on various parameters. But the last year’s ranking has been revised to 131 from which the country has improved its place by one spot.
Watch What Else Is Making News
“We have had marginal improvement this year. But if you see in giving electricity connections, we have moved up 111 ranks in the last two years and the kind of reforms that we have done in construction permits, in starting a business and many more that are being done, it will be reflected and our rank should seriously improve next year,” Abhishek said.
Asked what was the basis of his optimism, Abhishek told PTI: “A new form is coming up, SPICe (Simplified Proforma for Incorporating a Company Electronically) for incorporating companies so that will improve the ranking, the Goods and Services Tax, again it will improve.
“Reforms have to be done, plus it has to be felt by the people and also there are timing issues. All these things will be reflected next year in a major way”.
However, the DIPP Secretary said it was “difficult” to put a number to India’s rank next year as it depends on how other countries perform. Addressing a conference to kick off the Vibrant Gujarat Summit roadshow here, Abhishek said India has a very good macroeconomic situation in terms of fiscal deficit, inflation, foreign exchange balance and strong fundamentals.
He added that infrastructure bottlenecks are being addressed by Government in terms of doubling national highways, significantly augmenting railways infrastructure and implementing dedicated freight corridors.
“Implementation is being done now in a timely manner and it is being monitored at the highest level,” he said.
Besides, asked about Gujarat slipping to third position in the World Bank’s latest ‘Doing Business’ report from the top position last year, the state’s Chief Minister Vijay Rupani said his Government was committed to improve Gujarat’s position in the coming days.
Asked about his views on the four 4-tier tax structure of 5, 12, 18 and 28 per cent decided by the Goods and Services Tax (GST) Council, Rupani said he believes the indirect tax regime will be implemented nation-wide in a smooth manner.
He invited investors to participate in the Vibrant Gujarat 2017 Summit to be held from January 10-13.