India becomes a better place for minority investors, but is still lagging behind in areas like building construction permits; will request states to expedite municipal permits. "The 3-4 areas where we haven't been treated very high are all areas where significant amount of work is in progress and once its impact is shown to the ground, I'm sure it will be taken into consideration in next year's ranking", he said.
The World Bank's "Doing Business 2018 - Reforming to Create Jobs" report ranks 190 countries on the basis of a combined score on 10 parameters.
The Congress accused the Modi government of trying to hide behind World Bank reports to mask the "grim reality" regarding the economy and said Arun Jaitley has proved to be "the worst Finance Minister in India's history".
"India made paying taxes easier by requiring that payments are made electronically to the Employees Provident Fund and introducing a set of administrative measures easing compliance with corporate income tax", the report stated. "Last year in 189 countries, we were 172.This year we have moved up 53 places", he said. We are reinforcing our economic turnaround by a vigorous and active implementation of the Economic Recovery and Growth Plan (ERGP) so businesses operating in Nigeria can thrive and be competitive globally.
Also, with the enactment of the new bankruptcy law, India's ranking on insolvency resolution has also improved. The cut-off date for implementing any reforms for the said study was June 1, while the GST was imposed on July 1.More news: Destiny 2's first expansion, Curse of Osiris, is coming on December 5
Addressing the media in a press conference after the World Bank's "Ease of Doing Business index" declared India at the 100th position amongst world's top economies, Jaitley lauded the recent government policies which made India jump from the 130th position to the 100th position. He said the Narendra Modi government has failed India's economy by "sheer adhocism and inexperience". This is the first time that India has figured in the top five nations in one of the parameters for determining "ease of doing business". After the country had ranked 120th in 2011, President Vladimir Putin signed a "100 steps" decree the following year with the goal to reach 20th place by 2018.
The World Bank said India needs to do more.
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 annual ranking of Ease of Doing Business is topped by New Zealand with 86.55 points, followed by Singapore, Denmark, South Korea and Hong Kong, which is now under the control of China.