FICCI would continue to seek policy measures and bureaucratic reform that would contribute to a sustained improvement in India's rank. Russia's new ranking places it ahead of many Western countries such as Belgium and Italy, and just behind Japan. In some ways, that explains the reason why countries need to focus on the ease of doing business: A conducive environment for business attracts investments which, in turn, creates jobs.
Previous year it was placed at 130th spot. "With GST, the government has laid the foundation for a more efficient indirect tax system and likewise, with the enactment of Insolvency and Bankruptcy Code, India now has an efficient institutional mechanism for easing of business exit", he added. The region's lowest ranked economies are Afghanistan (183) and Bangladesh (177).
The Doing Busines Report 2018 on ease of doing business 2018 was made public at 7:30pm IST.
"India is the only large country this year to have achieved such a significant shift".
"Crores of job losses in the informal sector have resulted in a "cease of doing small businesses".
Over the last 3 years we have seen a spirit of positive competition among states towards making business easier. He said the reports showcased by the Union finance minister Arun Jaitley will not change the ground reality.
I believe it is possible to take India to the first 50 ranks, as envisioned by PM.
This year, the indicators on which reforms were implemented in Delhi and Mumbai, the two cities covered by the report are: starting business, dealing with construction permits, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
Protecting Minority Investors: India strengthened minority investor protections by increasing the remedies available in cases of prejudicial transactions between interested parties. China, for instance, is ranked 78th and Bhutan, at 75th place, is the highest ranked economy in South Asia. I'm sure it will be taken into consideration this year. We are 156 in starting a business. "We are going to request states to expedite municipal permits", the finance minister said.
A statement issued by his spokesman, Femi Adesina, in Abuja, on Tuesday, noted that besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the Top 10 Reformers globally. The latest report validates the commitment of the government to fast-tracking economic reforms, addressing red tapism and facilitating business. Since June 1 is the cut off date for ranking economies on the basis of 10 specified parameters, GST implementation was not factored in this year.