New Delhi: India on Tuesday made the highest jump ever by any nation in the World Bank's "Ease of Doing Business" and broke into the top 100 slot. The leap of 30 places to the 100th rank in a year follows reforms which have made it easier to pay taxes online, get credit and moves to protect minority investor’s interest.
The jump in India's business-friendly rating has come as a shot in the arm of the BJP-led government which has been battling criticism from the Opposition over alleged mismanagement of the economy by a hasty GST roll-out at a time when the country was still reeling under the impact of demonetisation.
During the 2014 Lok Sabha election campaign, ease of doing business in the country was one of Narendra Modi's key promises and, since taking charge, his government has been keen to improve its rating. The improvement in ranking will also give a boost to the BJP's image and, perhaps, improve its prospects in the coming state elections, especially Gujarat.
Finance Minister Arun Jaitley said it is possible for India to achieve the target set by Mr Modi to rank in the top 50 in the list. “I believe this is doable.”
The report doesn't take into consideration the impact of GST which was rolled out on July 1 as its cut off date is June 1.
