Prime Minister Narendra Modi on Monday said the country is only few steps away from breaking into top 50 of the rankings of World Bank’s ease of doing business. Modi said to achieve this, the Central government is working with states along with working upon a district-level ranking system.
He further said the government’s efforts on are to nearly double the size of country’s economy to $5 trillion. “To achieve this goal, we will have to improve every sector of the economy,” he said in his remarks at a meeting called with the Indian industry on ease of doing business ranking.
“We have done what the world could not imagine. We are just some steps away from achieving the goal of top-50 (ranking in ease of doing business),” he said.
Modi said he will hold review meetings with various departments over the coming days as the steps taken on ground till December will reflect in next year’s rankings. Also, he said that the government is working towards an industrial policy which will be more reflective of current realities and will be in line with the “new vision of the entrepreneurs of new India”. The Prime Minister said that it is necessary to reduce human intervention in processes, and increase the use of modern and digital technologies. He said that a work culture based on this, will further promote policy driven governance.
Last month, in the World Bank’s “Ease of Doing Business (EODB) 2019” rankings, India jumped 23 places to number 77 among 190 countries, aided largely by improvement in areas such as “dealing with construction permits”, “trading across borders”, “getting electricity”, “getting credit” and “starting a business”. However, compared to last year, India saw its ranking dip on various other parameters, such as “registering property”, “protecting minority investors”, “paying taxes” and “resolving insolvency”.
Last year, India had moved up 30 places to the 100th position. In 2016, 2015 and 2014, India had not improved much and was placed at 130, 131 and 134, respectively, in the ranking. The World Bank ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency
Modi said era of policy paralysis has ended and his government was giving policy based governance which has helped catapult the country from 142nd rank among 190 nations on the World Bank’s ease of doing business ranking in 2014 to 77th this year. “In four years, this jump of 65 places (in ease of doing business rankings) is a record for any country,” he said.
Before 2014, those who had seen instability in policies and policy paralysis, for them it was impossible to believe that India can earn a rank in world’s top 100 countries, he said.