Taking credit for India’s “massive jump” on the World Bank’s Ease of Doing Business chart, Prime Minister Narendra Modi on Monday said it was his government which had created the “record” and had successfully brought the “180-degree change in the country” within four years.
India was ranked 142nd among 190 nations when the Modi government took office in 2014. The rank rose 23 places to the 77th spot in the ‘Doing Business’ rankings released on October 31.
Launching an indirect attack on the previous UPA government, Modi, who was addressing a meeting on ‘Reflections on Ease of Doing Business’ organised by the Department of Industrial Policy and Promotion in the national capital, said it was difficult for the Congress “to believe that India can earn a rank in the world’s top 100 countries”.
“Before 2014, those who had seen instability in policies and policy paralysis, it was impossible for them to believe that India can earn a rank in the world’s top 100 countries,” Modi said, adding, “At that time, the country was battling perceptions of excess red-tape and policy paralysis.”
“But within four years, there has been a 180-degree change in the country. India’s ranking improved to 77 from 142 in Ease of Doing Business. It is a record for the country,” the PM said.
Expressing his determination to position India on the top 50 in the global chart, PM Modi said efforts are underway to nearly double the size of the country’s economy to USD 5 trillion.
“In order to appear on the top 50, we must work together. In the coming days, I will hold review meetings with various departments, the result of which will be reflected next year. Be it in areas of energy or health, we will take the country forward,” the PM said.
He added, “As per the analysis of Moody and World Economic Forum, the position of India has either gone up or is rising. Now, our efforts are to take India to the five trillion dollar club. To achieve this, we have to improve in all the sectors of the economy.”
Stating that the era of policy era has ended, PM Modi assured that reforms would continue and procedures would be further eased to make it easier for companies to do business in the country.
“Earlier, the government used to take 1,500 days to solve a commercial dispute. But now, it gets solved within 400 days. Efforts are on to reduce this period as well,” he said.
Modi also said that there is a need to reduce human intervention and promote the use of technology.
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.