Updated: November 1, 2017 8:53:44 pm
Improvement in ease of doing business is “extremely relevant” and will promote private investment, growth and job creation, former Economic Affairs Secretary Shaktikanta Das said on Wednesday. Reforms which are underway would further improve India’s ranking in the future, he said. India has jumped 30 places to rank 100th in the ‘ease of doing business’ ranking, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution, as per the latest the World Bank report released on Tuesday.
“India’s giant leap in the Ease of Doing Business is the result of several determined & collective steps by Centre & States. We can get there,” tweeted Ashok Lavasa, who demitted office of Finance Secretary on Tuesday. The latest report has not taken into account the Goods and Services Tax (GST) as the rollout was after the cut-off date of June 1, 2017 for the study. The GST came into effect from July 1 this year.
“Ease of doing business extremely relevant for private investment, growth and job creation. Pipeline measures will aid this process further,” Das tweeted. Many of the reforms that helped India to achieve this feat were undertaken during the tenure of these two secretaries.
India has received foreign direct investment (FDI) of over $170 billion in the last three-and-a-half years. “Congratulations to all my former colleagues in Govt. Keep it up. India has the potential to be in top 50,” he said in another tweet.
India, which was ranked 130th among the 190 nations, is “one of the top 10 improvers in this year’s assessment, having implemented reforms in 8 out of 10 ‘doing business’ indicators,” the report said.
This is the first time India has broken into top 100 nations.
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