Shah hails Modi for jump in Indias ease of doing biz rank

India ranked 130 out of 190 countries on the World Bank's'ease of doing business list

India, the World Bank report said had implemented 8 out of 10 doing business indicators and was the only large country this year to have achieved such a significant shift.

"The hurriedly convened press conference by the Finance Minister to seek manufactured relevance from the World Bank report was evidence of the actual distance from ground realities and suffering of people of India", Surjewala said in a statement. In last two years, we made it to 131, 130 places.

It will be only over a period of 1-3 years that the full impact of GST reform on ease of doing business can be assessed, she added. "The World Bank report says India has been undertaking numerous structural reforms", he said while addressing the media.

While appreciating the efforts of the government for the improvement in Ease of doing business in India, Anil Khaitan, President, PHD Chamber of Commerce and Industry said that we have every potential to improve in our tedious and traditional business processes which hamper the functioning of the businesses and promotion of economy. "Last year in 189 countries, we were 172.This year we have moved up 53 places", he said.

India's state governments should work on reducing burden on courts, engineer land reforms, boost electricity, get construction permits quickly, the report said. It takes 30 days now to register a new business, down from 127 days 15 years ago, but "the number of procedures is still cumbersome for local entrepreneurs who still need to go through 12 procedures", it said. This is for the first time that India rank 100th amongst 190 Countries. "The country's corporate law and securities regulations have been recognised as highly advanced, placing India in the fourth place in the global ranking in protecting minority investors", the World Bank's report noted. The ranking comes as a shot in the arm for the Narendra Modi government amid dissenting voices in certain quarters about implementation of the Goods and Services Tax (GST) as well as demonetisation.

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India jumped 30 spots to secure a place among the top-100 countries on World Bank's ease of doing business ranking list in 2018.

The report also mentioned the substantive changes implemented by the Indian Government in 2016-17 that included the merging of applications for the Permanent Account Number (PAN) and Tax Account Number (TAN) for starting a new business.

"However, a lot more needs to be done and the effort in further scaling up of ease of doing should continue", Assocham said.

Modi said that over last three years, his government has seen a spirit of positive competition among states towards making business easier which has been beneficial.

The Doing Busines Report 2018 on ease of doing business 2018 was made public at 7:30pm IST.

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