Mumbai: Indian economy ranks 30-rank to break into the top 100 countries in the World. Bank’s ‘ease of doing business’ list, has finally brought respite to the Narendra Modi-led government, from the barrage of criticism over the slowing growth.
Minister of finance Mr. Arun Jaitley on Tuesday said that “this is the highest jump that any country had made in the business rankings.”
It is saying that, this ranking gain very good news for an economy and a government fighting a three-year low GDP numbers, a precarious trend in inflation, teething problems of a tax reform.
So what is it that helped India to climb up the ladder without such worrying economic indicators?
The World Bank says, the circumstances that support improvement in 2016-17 were – faster to start a business, reduction in the procedures and time required to in obtaining a building permit, easier access to credit, protecting minority investors, the ease of paying taxes, trading across borders, enforcing contracts and easier resolve problems. In the ‘Distance to Frontier Metric’ section, India’s score went up from 56.05 in Doing business in 2017 to 60.76 in Doing business in 2018.
Speaking on the development, Prime Minister Narendra Modi told that: “Historic steps ahead in ‘Ease of Doing Business’ rankings is the outcome of the all-round & multi-sectoral reform push to India
To Obtain in a construction permit
Until 2016, took 164 days in Mumbai and 213 in Delhi to give a construction permit. The whole procedure was also not digital then. Government officials in July said that the process for granting permits had been eased and now it takes only 60 days to get a construction permit in Delhi and Mumbai.
Starting a business
India ranks155 among 190 countries last year on this parameter. In June, the government informed the World Bank that processes involved in starting a business had been reduced from 14 to5.
Employee provident fund has been moved online, bank accounts are not mandatory for any forms – this way many works are made easy.