Ease of doing business: Arun Jaitley vows to break into top 50, industry cheers massive jump in ranking

Buoyed by the jump in India’s ease of doing business ranking, Finance Minister Arun Jaitley today vowed to continue reforms that will help break into top 50 nations.

According to the World Bank, India’s rank on ‘ease of doing business’ scale has risen from 130th to 100th this year, helped by a slew of reforms in taxation, licensing, investor protection and bankruptcy resolution. Addressing a press conference minutes after the World Bank ranking was made public, Jaitley said India is the only major country named for pursuing structural reforms. In 2014, we were 142nd and then (in) last two years, we improved to 131st and 130th. These are not generalised rankings. It happened in specific areas and they take tough parameters for that ranking,” he said.

The “highest jump” in ranking was possible as significant improvements in all the 10 judging parameters were made in last 3-4 years “so that it becomes easy to do business in India,” he said. The World Bank, he said, has named 10 countries where structural reforms have been taken. “India is one of them.” Jaitley said that in 3 years the ranking has improved from 142nd to 100th and sufficient work is ongoing in areas that …read more